At COP28, a mere $700 million was pledged to the Loss and Damage Fund, a stark contrast to the estimated $400 billion needed annually to address climate-related losses and damages. This meager amount exposes the insufficient support offered to vulnerable nations bearing the brunt of the climate crisis.
To illustrate this disparity, consider the earnings of the world’s top footballers in 2023. The combined income of Cristiano Ronaldo, Lionel Messi, and Neymar Jr. – superstars of the beautiful game – surpassed $517 million, exceeding the largest individual pledges to the Loss and Damage Fund at COP28
The current level of international support pales in comparison to the immense needs of communities on the front lines of the climate crisis. To truly fill the fund and provide adequate assistance, developed nations responsible for the climate emergency must step up by pledging billions, not just millions.
This gap between pledges and actual needs highlights the urgent need for a more just and equitable global response to climate change. Developed nations must take greater responsibility for their historical emissions and the damages they have inflicted, ensuring that vulnerable communities have the resources necessary to adapt and rebuild.
Reference- COP28 website, Forbes, Twitter, Earth Day Network, BBC