This policy brief examines what recent advisory opinions from the International Court of Justice, the International Tribunal for the Law of the Sea, and the Inter-American Court of Human Rights mean for the Fund for Responding to Loss and Damage (FRLD). It argues that loss and damage finance is not voluntary but a binding legal obligation under international law, grounded in duties of cooperation, prevention, human rights protection, and reparation. The brief assesses whether the design, governance, and financing of the FRLD align with these clarified obligations and finds significant gaps, particularly in adequacy, accessibility, due diligence, and rights-based and gender-responsive approaches. It concludes by offering concrete recommendations to governments, the FRLD Board, civil society, and future litigants to ensure the Fund operates as a legally coherent, effective, and just mechanism in the face of accelerating climate harm.