Finance

Enhancing comprehension of approaches to address loss and damage is of little use if countries do not have the financial support to implement them. At COP 19 (November 2013) in Warsaw, Poland, the Warsaw International Mechanism for Loss and Damage associated with Climate Change Impacts (L&D Mechanism) was established to address loss and damage associated with impacts of climate change, including extreme events and slow onset events such as sea-level rise, in developing countries that are particularly vulnerable to the adverse effects of climate change. Functions of the L&D Mechanism include facilitating the mobilization and securing of expertise, and enhancement of support, including finance, technology and capacity-building, to strengthen existing approaches and, where necessary, facilitate the development and implementation of additional approaches to address loss and damage associated with climate change impacts, including extreme weather events and slow onset events.  A broad range of options should then be considered, from traditional risk transfer mechanisms, to social protection systems, to innovative financial protection instruments. There is also a need to consider options to relieve financial pressure brought upon countries due to loss and damage – options such debt swaps, debt relief(including debt cancellation), and contingency funds.

The L&D Mechanism will be reviewed in December 2016, at COP 22. To date, the Executive Committee has not yet finalized the draft two-year workplan that is meant to guide implementation of functions related to loss and damage. In the following video by Democracy Now, Prof. Saleemul Huq explains where the issue of Loss and Damage currently stands at the climate change negotiations (COP 20, December 2014) recently celebrated in Lima, Peru:

http://www.democracynow.org/2014/12/8/at_lima_talks_nations_worst_hit

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