(SHARM EL-SHEIKH, EGYPT & MONTREAL) – Greenpeace welcomes the COP27 agreement to establish a Loss and Damage Finance Fund as an important foundation in building towards climate justice. But, warns against politics as usual.

Yeb Saño, Executive Director, Greenpeace Southeast Asia and Head of the Greenpeace delegation attending the COP said:

“The agreement for a Loss and Damage Finance Fund marks a new dawn for climate justice. Governments have laid the cornerstone of a long overdue new fund to deliver vital support to vulnerable countries and communities who are already being devastated by the accelerating climate crisis.”

“Well into overtime these negotiations have been marred by attempts to trade adaptation and mitigation against loss and damage. In the end they were pulled back from the precipice by the concerted effort of developing countries standing firm and by climate activists’ demands for the blockers to step up.”

“Moving forward into discussion of the details of the Fund, we need to ensure that the countries and corporations most responsible for the climate crisis make the biggest contribution. That means new and additional finance for developing countries and climate vulnerable communities not just for loss and damage, but for adaptation and mitigation too. Developed countries must make good on the existing US $100bn per year pledge to support low income countries to deliver carbon-cutting policies and increase resilience to climate impacts. They must also implement their commitment to at least double funding for adaptation.”

“Encouragingly, a large number of countries from north and south voiced their strong support for phasing out all fossil fuels – coal, oil and gas – which is what implementing the Paris Agreement will take. But they were ignored by the Egyptian COP Presidency. Petro-states and a small army of fossil fuel lobbyists were out in force in Sharm el-Sheikh to make sure that it did not happen. ”

“Tackling climate change and promoting climate justice is not a zero sum game. It’s not about winners and losers. Either we make progress on all fronts or we all lose. It must be remembered that nature does not negotiate, nature does not compromise.”

Patrick Bonin, Climate & Energy Campaigner at Greenpeace Canada said:

“Once again, the oil lobby has the ear of the Canadian government while the demands for urgent action from those most affected by the climate crisis go unheard. Despite a positive contribution to the establishment of a Loss and Damage Fund, Canada has not proposed a more ambitious target or announced new significant measures to accelerate GHG reduction. It also has not significantly increased its funding to help developing countries reduce their emissions and adapt to extreme weather events. In failing to raise its actions to match the scope and urgency of the climate crisis, the Trudeau government is failing Canadians and the world.”


For more information, please contact:

Laura Bergamo, Communications Officer, Greenpeace Canada [email protected] ; +1 438-928-5237

Greenpeace International Press Desk: [email protected], +31 (0) 20 718 2470 (available 24 hours)