COP29 - 21 November 2024
God of Justice - money matters

reflection 

James pulls no punches in today's reading, none at all, and there's a temptation to try and read his words in a way that excuses us from their message: “I don't have savings/my savings are modest so the bit about wealth is irrelevant.” “I'm not an employer, so that bit doesn't count.” “I'm certainly no murderer.” And on our penultimate day of reflection, having considered some sobering topics over the last couple of weeks, we did initially try to find a more uplifting passage to read. But this one speaks well to today's theme, so it stayed.

It's impossible to reflect on the issues associated with climate change without money eventually raising its head. Supporting people in crisis requires money; rectifying the damage already caused to people, places and infrastructure requires money; implementing measures to protect against future damage requires money; and transitioning to economies based on clean fuels requires money, particularly in the short term.

But there is a particular issue with money in the context of climate: the nations of the Global South, in need of finance now, are amongst some of the poorest in the world, but the climate challenges they are facing are predominantly caused by the actions of the rich countries in the Global North.

In 2022, at COP27, a milestone was reached, when an agreement was finally made to establish a Loss and Damage Fund, with the sole purpose of providing support to people and communities dealing with the impacts of climate-related disasters. The details were negotiated during 2023, and announced on the first day of COP28 and over the following two weeks, countries pledged almost $700 million as a start to the fund. (It is estimated that by 2030, climate-related damages experienced by vulnerable countries may amount to $580 billion). The World Bank is to host the fund, but there are still practicalities to agree, and a lot more money is needed, hence COP29 has been dubbed the “Finance COP”.

How does the passage from James speak to this? We think in several ways:

• There is a power differential at play, the bigger and richer versus the smaller and poorer.

• It's taken three decades and a lot of work by those in need, to achieve this agreement: it was pursued, not offered.

• Even though the fund has been agreed, there is no mechanism to ensure that those who should pay, do. Past experience suggests there could be issues.

• There is concern that some donor countries will cut some of their foreign aid budgets when they contribute to the fund.

• Lives are being lost as the bureaucratic process grinds on.

Perhaps it feels more palatable to apply James' words to our nation rather than to ourselves? We certainly thought so, but that would be far too easy! We're unlikely to ever pay directly into a Loss and Damage fund, but we should consider where we stand on issues like foreign aid and paying higher personal tax so that our country makes payments. And there are many charities that are already supporting communities that are experiencing climate crises, who would happily put some of our personal wealth to good use.

Let's finish with some good news. Scotland has set up its own modest Loss and Damage fund, which you can check out via some of the links below.

prayer

Creator God, who made this beautiful earth, thank you that you have given us the opportunity to share in your work. Help us as we strive towards a world where unjust debts are cancelled - for with you nothing is impossible.

(From Alma Link, Diocese of London)

We ask that the Loss and Damage Fund first agreed at COP26 will be well supplied after this COP so that necessary adaptations, repairs and improvements can be made to protect people’s lives and livelihoods.

at cop29

There are several key decisions around the Loss and Damage Fund that will be discussed and potentially agreed upon at COP 29:

• • Operationalisation: The conference will focus on how to operationalize the fund, including establishing governance structures and mechanisms for distributing funds.

  • Funding Sources: Discussions will revolve around identifying and securing funding sources to ensure the fund is adequately financed.

  • Equitable Access: Ensuring that the fund is accessible to the most vulnerable countries and that the distribution of funds is fair and transparent.

  • Accountability Measures: Implementing measures to hold parties accountable for their commitments and ensuring that the funds are used effectively to address loss and damage.

  • Role of the Host Country: The Philippines, as the host of the fund's board, will play a crucial role in the fund's operations and governance.

These decisions are crucial for the effective implementation of the fund and for supporting countries most affected by climate change.

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🗓️ Today at COP29: The focus is on Nature and Biodiversity / Indigenous People / Gender Equality / Oceans and Coastal Zones