Photo source: Copyright AP Photo/Peter Dejong. Retrieved from euronews.com
Climate-vulnerable countries could start receiving money from the long-awaited loss and damage fund as early as 2025.
This pot of money is intended to help compensate low-income countries for the damage caused by climate-related natural disasters. It has faced a number of hurdles throughout its development but finally, the funds could start being disbursed to those who need them most as soon as next year.
Finance is one of the key focuses for COP29 in Baku this November and the future of this vital climate justice tool could hang on these negotiations.
Dubbed the ‘finance COP’, countries are set to work out the finer details of the loss and damage fund in Baku next month.