“As World Leaders gather in Dubai, our message to them could not be clearer: the Loss and Damage Fund must not remain an empty promise. We urgently call on all governments who are most responsible for the climate emergency and have the capacity to contribute to announce significant pledges in the form of grants. Historical emitters must lead the way. Financial commitments must not be about robbing Peter to pay Paul: funding must be new and additional. COP28 must also design a clear pathway to establish innovative sources of finance based on a polluters-pay principle, such as a tax on the fossil fuel industry, a frequent flyer levy, a tax on international shipping fuel, a global wealth tax or a financial transaction tax. Simultaneously, COP28 must deliver an unwavering commitment to a fast, full, fair and funded fossil fuel phase-out. This is paramount to prevent future loss and damage, which sits at the heart of our collective responsibility to safeguard our planet for future generations."
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