REACTION: Oxfam response to the draft text on Loss and Damage finance at COP27

“As the COP27 enters the final crucial days, it is a shame that rich countries – especially the US – continue to reject calls from the G77 Group, representing 134 developing countries, for a loss and damage fund to be established here at COP27.

“Oxfam supports the G77’s position and is saddened that the inclusion of Loss and Damage in the COP27 agenda remains a political game for developed countries, who may likely exit this summit with no agreement on the way forward. The principles that underpin the global climate discussion – responsibility, equity, justice, fairness – have left the conference room.

“More than 40 million people in the Horn of Africa are currently experiencing climate induced hungers crisis. Pakistan is faced with $30 billion worth of loss and damage from the recent mass floods that left a third of the country under water. It is crucial that developing countries can access a formal fund to pay for the damages and losses they are already suffering today.

“Wealthy nations must meet their $100 billion annual goal for climate finance in addition to establishing a new Loss and Damage fund that is fit for purpose, accessible and gender responsive. It is long overdue.

"Rich countries must heed the urgent call and deliver a loss and damage fund at COP27.”

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