After thirty long years of struggle for incremental steps forward and at times, leaps backwards, COP27 finally provided the long-awaited and historic agreement on establishing funding arrangements and a Fund to address Loss and Damage specifically for developing countries who are vulnerable to the impacts of climate change.
This decision takes the first cautious steps towards addressing the profound climate impacts faced by the most vulnerable communities. The decision acknowledged for the first time that “existing funding arrangements fall short of responding to current and future impacts of climate change and are not sufficient to address the existing funding gaps related to providing action and support in responding to loss and damage associated with the adverse effects of climate change”.
As part of the decision, it was agreed to establish a ‘Transitional Committee’ (TC) for the operationalization of the new funding arrangements for responding to Loss & Damage and the fund’.
2023 will be a landmark year. It will be critical for advancing technical work to ensure that at the end of the year the TC will offer a concrete proposal for the operationalisation of a fit-for-purpose Fund that can urgently deliver new and additional scaled finance as soon as possible.
In January 2023, Climate Action Network International (CAN-I) and Demand Climate Justice (DCJ) held a set of workshops and subsequent discussion to begin addressing some of these conversations.
CAN Press release on expectation of the first Transitional Committee meeting on the Loss and Damage fund
Please also refer to the following:
- CAN Submission on the Themes and Topics for the Second Glasgow Dialogue and Workshops
- Discussion Paper V.1.1 on: Loss and Damage Finance: Who pays? For What? In which Countries
- Loss and Damage Finance: Why and How?
