The US announced that it has pulled out from the landmark Loss and Damage Fund–the latest in the series of climate commitment rollbacks by the world’s second-biggest emitter under the administration of President Donald Trump.
Established at COP28, the Loss and Damage Fund was a hard-won victory by climate-vulnerable nations and groups and communities fighting for climate justice.
It was a recognition that frontline nations deserve not just thoughts and prayers, but actual resources to recover from the devastation that fossil-fueled economies have inflicted upon them.
As of January, the Loss and Damage Fund had $741 million in pledges, with the US under the Biden administration pledging $17.5 million.
For Asia, home to 60% of the world’s population and some of its most climate-vulnerable communities, this is a betrayal with real consequences.
The financial mechanisms meant to help Asian nations cope with escalating climate chaos remain woefully inadequate—and are now made even worse by the US retreating from its obligations.
