Climate Loss and Damage Fund has not transferred funds to affected countries
The international fund for countries affected by climate disasters has yet to make a single payment, despite the critical need for support.
Gurban Gurbanzadeh1 min read
The international fund established to compensate for climate change damage has not transferred a single dollar to the most vulnerable nations. Experts note that the funding volumes promised by developed countries are not arriving at the stated scale, and current diplomatic processes are failing to ensure the actual movement of funds.
The urgency of the problem was highlighted by the recent tragedy in the Himalayas, where a glacier collapse led to the destruction of settlements and loss of life. Despite the scale of the disaster, financial aid was not promptly directed to the affected party.
Over the past few weeks, a series of major international events have taken place, including Climate Finance Week in Istanbul, meetings of corporate leaders in Baku, and the Pacific Islands Forum leaders' summit in Palau. However, these meetings have not led to practical results regarding the transfer of funds.
Criticism is mounting over the fund's inability to allocate even $20 million to a country in a state of national mourning during a period in which three high-level meetings were held. At present, the fund is being characterized as a structure that exists only on paper, lacking real mechanisms for fulfilling obligations.
Ahead of the COP31 climate summit, experts are insisting on a shift in priorities: instead of new declarations and promises, the international community must focus on the actual delivery of funds that were previously announced.
Source: scmp.com
