ECO was very pleased to hear the excellent interventions from AOSIS, LDCs, AILAC (together with Mexico and the Dominican Republic), LMDCs and Africa Group yesterday, emphasising that Loss and Damage needs to be a separate item within the Paris agreement.
As explained by AOSIS, anchoring the Loss and Damage institutional arrangements in the agreement will ensure their durability and flexibility. This will allow for the adjustment of support to vulnerable countries depending upon their levels of ambition in mitigation and adaptation.
Meanwhile, the LDCs reminded Parties that dealing with losses and damages from slow-onset and extreme events is not a luxury — it is a necessity. The LDCs’ concrete proposals for elements of a Paris agreement, including a compensation regime and a displacement coordination facility, reflect the real circumstances of vulnerable people both now and in the future.
Developed country Parties really should do their remedial reading, and not be afraid to engage constructively on how to incorporate Loss and Damage as a separate and important element of the Paris agreement.
Finance for Loss and Damage is clearly a key issue in the negotiations, and must be separate from adaptation finance. ECO believes that France can make a difference here with its long history of championing innovative financing. We have high hopes that President Hollande will keep up the tradition this year, on the Financial Transaction Tax and beyond.