Keep the World Bank out of loss and damage
Led by the USA, a coalition of countries in the global north is insisting that the World Bank hosts the loss and damage fund. Global south countries are strongly opposing this move, and with good reason.
The World Bank gives out most of its funding via loans, rather than grants. But loss and damage must be given as grants if it is to serve its purpose.
Think about it. Zambia is a climate vulnerable country, already experiencing flooding, extreme temperatures and droughts. This decade, the government is set to spend four times as much on repaying debt as it does on climate adaptation. Loss and damage only serves climate justice if it doesn’t saddle countries like Zambia with more debt.
The World Bank is also an institution designed and controlled by the global north, which has a long history of acting in its own interests and pushing fossil fuels in the global south. Trying to make it host the loss and damage fund is inappropriate, unjust, and a clear power grab by countries whose primary concern should be repairing the destruction created by their fossil fueled economies.
Don’t exclude affected countries
Another proposal that rich countries are pushing is to limit access to the fund to what are known internationally as the 34 'Least Developed Countries'.
This is a clear injustice that would see many countries robbed of compensation they are owed.
Pakistan, for example, contributes less than 1% of annual global emissions causing the climate crisis. Last year, it battled devastating floods which submerged swathes of its land, and are set to cost the country over £30 billion. If rich countries are successful in this demand, Pakistan wouldn’t qualify for loss and damage funding.
No to climate colonialism
Global south activists fought for years for a loss and damage fund. Now rich polluting countries are trying to deny them justice.
This isn’t climate justice. It’s climate colonialism.
The UK has failed to play a constructive role in the negotiations so far. COP28 is nearly here and they’re yet to take a stand to demand a strong loss and damage fund based on climate justice. Negotiators have now arranged another meeting, from 3-4 November, to try to agree ahead of COP28. We need our government to take a stand.
Will you write to the Foreign Secretary now and tell him why he should stand for climate justice in these discussions?
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