$700m pledged to loss and damage fund at Cop28 covers less than 0.2% needed

Wealthy countries most responsible for the climate emergency have so far pledged a combined total of just over $700m (£556m) to the loss and damage fund – the equivalent of less than 0.2% of the irreversible economic and non-economic losses developing countries are facing from global heating every year.

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But so far pledges have fallen far short of what is needed, with the loss and damage in developing countries estimated by one non-governmental organisation to be greater than $400bn a year – and rising. Estimates for the annual cost of the damage have varied from $100bn-$580bn.

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The loss and damage funds should be new and additional – and come as grants not loans, according to climate justice experts. Yet in most cases, the nature and timing of the pledged money remain unclear as few countries have released further details.

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Details are now being discussed within the global stocktake (GST) negotiations – which will play a major role in how or even if the world can keep the hope of limiting planet warming to 1.5C alive.

The GST is a core component of the Paris accords, a broad and detailed assessment to monitor implementation and evaluate collective progress. The outcome will be used by countries to guide and upgrade their own five-year climate plans, which is why developing countries are pushing for strong and clear guidance on how much nations need to contribute to loss and damage, as well as the phase-out of fossil fuels.