Tuvalu minister hails Loss and Damage fund but fight for action continues


Tuvalu’s Finance Minister has labelled the outcome of the COP27 Loss and Damage fund an historic breakthrough.

COP27 wrapped up in Egypt on Sunday, where a loss and damages fund was announced. All other goals including climate finance, the “1.5 to stay alive” target and reducing emissions were forgotten.

After two weeks of tough negotiations at the UN climate summit, Seve Paeniu said Pacific nations have had a victory.

“We have been calling for this fund for the past three decades, so it has been a long time coming and finally this COP has delivered what we have been calling for for many years. So this is a major breakthrough and a victory for the Pacific island countries,” said Paeniu, who is also the Pacific climate champion on loss and damage.

The fund could see the richest, and worst carbon polluting countries, contributing to the cost of climate loss and damage that developing nations have incurred.

“It has been greatly satisfying at this COP to secure an agreement for establishing a fund for Loss and Damage. This is a major achievement not only for COP but more so for Pacific Island nations and small island and developing states around the world,” he said.

With the fund now officially set up, the next 12 months will be crucial in setting up the fund, Paeniu said.

“All Pacific countries should be involved in one way or another to ensure the fund works to meet our needs in the Pacific,” he said.