'Loss and Damage'

G77

The Group of 77 (G77) is the largest bloc representing emerging economies with over 135 member countries. It was founded in 1964, at the first session of the United Nations Conference on Trade and Development (UNCTAD) with its first meeting taking place in 1967.

Stance on 'Loss and Damage'

COP29 has already been dubbed the "Finance COP," as it marks the first time in 15 years that a new global climate finance target will be set. In 2009, developed nations committed to providing $100 billion annually by 2020 to support developing countries in cutting emissions and strengthening their resilience in the face of climate crisis’s. However, this target was missed by two years and the G77 argues that this amount is grossly inadequate. The G77 will push for a new financial goal, potentially between $500 billion and $1 trillion per year, reflecting the true needs of developing nations.

Following the creation of a Loss and Damage Fund at COP28, the G77 will now advocate for effective implementation, ensuring sufficient funding for nations hardest hit by climate-induced disasters like rising sea levels and extreme weather

G77

Stance on 'Loss and Damage'

Further Reading

Further Reading