Extreme weather events this year have caused billions in damages, highlighting the urgent need for climate finance. The Loss and Damage Fund, created at COP28, represents a crucial step toward addressing the impacts of climate change, especially for Indigenous Peoples and local communities. However, key questions remain: How will the fund be sustained? How can it address both economic and non-economic losses, like cultural heritage and biodiversity?
In this Land Dialogues session, we explored the operationalisation of the fund and examined its practical and conceptual implications. We delved into key questions, such as how funds will be raised, how compensation will work, and how the fund can best benefit those affected by both economic and non-economic losses, including cultural heritage and biodiversity.
The webinar was an insightful discussion on how to measure and address non-economic losses, including the destruction of culture and knowledge. In the webinar we also learned about approaches for advocating disaggregated data on the impacts of biodiversity loss. It was an opportunity to reflect on the urgent need for climate justice and explore how the Loss and Damage Fund can truly support Indigenous communities in their struggle for recovery and resilience in the face of climate change.