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Climate Fund for Climate Action

NASSAU, BAHAMAS – COP 27 is over, but the work leading toward the establishment of a “loss and damage” fund is one of the key takeaways that will have ripple effects throughout the region.

Published

3 years ago

November 24, 2022

Kristina Dragovich

NASSAU, BAHAMAS – COP 27 is over, but the work leading toward the establishment of a “loss and damage” fund is one of the key takeaways that will have ripple effects throughout the region.

It’s a step Prime Minister Philip Davis says is a “long overdue step in the right direction in the fight for climate justice.”

The establishment of a loss and damage fund to provide payouts to developing countries, like The Bahamas, that are affecting most by climate change.

While “many thought the establishment of such a fund was impossible,” the PM says “the victory is an important achievement for climate activists around the world who refused to give up.”

Executive secretary of the United Nations framework Convention on Climate Change (UNFCCC), Simon Stiell, summed up in his COP 27 closing remarks.

Stiell says the fund will provide one pillar of the response required to ensure loss and damage is addressed.

So now that countries have committed to the fund, what’s next?

A transitional committee will be put in place to operationalize the new funding arrangements for consideration and adoption by COP 28 in 2023.

Meanwhile, The Bahamas is still on a mission to become the first country in the world to sell blue carbon credits – a move the PM hopes will compensate The Bahamas for protecting and restoring mangroves and seagrasses.