One disappointment from COP29 is that Loss and Damage was excluded from the US$ 300 billion climate finance target. Fund for Responding to Loss and Damage (FRLD) was fully endorsed at COP29 among the multilateral climate funds such as the Green Climate Fund (GCF) and the Special Climate Change Fund. The COP29 finance decisions to triple annual outflows from these funds from 2022 to 2030. However, while developed countries can claim their collective contribution to the other funds toward the US$ 300 billion climate finance goal, they will not be able to claim contributions to the RFLD towards meeting the goal.
Significantly, funding for loss and damage is not eligible for the new goal. While it is mentioned[FR1] elsewhere in the decision text, only mitigation and adaptation are referred to in paragraph 8, which sets the basis for the US$ 300 billion goal.
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