What are the options for funding loss and damage?
Description
The announcement of a new loss and damage fund at COP27 in Sharm El-Sheikh was widely hailed as a triumph for climate justice.
More frequent and severe environmental shocks are already taking a devastating toll on human lives and economic prospects, particularly in the world’s poorest and most climate-vulnerable countries. In the lead-up to COP27, Pakistan was struck by a record-breaking monsoon that left a third of the country underwater. The Horn of Africa is currently enduring its worst drought in four decades. Cyclone Freddy has just wreaked havoc in Malawi and Mozambique. Over three days in early March, the Pacific Island nation of Vanuatu was left devasted by two consecutive category 4 cyclones.
The new loss and damage fund – and the wider mosaic of funding arrangements promised at COP27 – is intended to provide support when communities and countries reach the limits of adaptation.
But despite the jubilant tone in Sharm El-Sheikh, there is little clarity yet around what this new commitment means in practice. Who will provide the new resources? Who will manage the new fund? How will the money be disbursed and to whom? Most of these questions must be answered by the Transitional Committee on Loss and Damage, a group of 24 country representatives who are meeting for the second time in May.
This event will present brand new analysis on options for the loss and damage fund, grounded in reflections from members of the Transitional Committee and civil society organisations who have been campaigning for loss and damage funding for over a decade.
Please register to receive details when the date, venue and speakers are finalised.