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In the Pacific region, increasing climate-related extreme weather events and environmental changes are resulting in substantial loss and damage, prompting urgent action from global leaders. At the COP27 in November 2022, a draft resolution was adopted to establish a loss and damage fund aimed at addressing the economic and non-economic consequences of anthropogenic climate change on developing nations. The recent COP28 further advanced this initiative, with an agreement reached on the operationalization of the fund on its first day. As COP29 approaches, it is essential to focus on financing commitments to address these pressing climate issues. This briefing paper emphasizes the need for a comprehensive and context-specific definition of loss and damage, particularly highlighting the importance of intangible social and cultural heritage in this context. It also advocates for the implementation of the polluter pays principle, ensuring mandatory contributions from high-emission countries, alongside a framework for vertical and horizontal integration that allows for effective monitoring and collaboration across all levels. Furthermore, the paper underscores the critical need for Pacific Island nations' knowledge and experiences to inform climate change negotiations and make recommendations that enhance the effectiveness of the Fund for Loss and Damage.