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Announcements
The decision at COP27 to create a Loss and Damage fund was a crucial victory after decades of campaigning.
But, as SEI researchers Zoha Shawoo and Inès Bakhtaoui write in Climate Home News, that was only a first step. Next comes the formulation of all the rules that decide where the money will come from, who will have access to it and how the fund will operate.
Shawoo and Bakhtaoui detail three principles to ensure the fund provides equitable support to those most vulnerable to climate change.
Photo: Amir Mukhtar / Getty Images
The effects of climate change – drought, flooding, more extreme storms and more – are disproportionately felt by the countries and communities who contributed least to the crisis. Establishing a Loss and Damage fund is a step toward helping those populations recover from the destruction they experience.
Shawoo and Bakhtaoui, SEI’s Loss and Damage experts, emphasize the need to give fund recipients decision-making power over how to spend the money and to deliver that support quickly.
Drawing upon their research published ahead of COP27, the authors critique the weaknesses of existing climate finance systems and point the way forward on how to maximize the impact of the fledgling fund.
Project / Vulnerable countries are already experiencing severe losses and damages from unavoidable climate change impacts. They urgently need financial support.
Media advisory / COP27 failed to advance climate action. Ended with only one achievement: the decision to establish a fund for financial support to victims of climate impacts.
SEI report / How can finance for loss and damage be put into action? This report looks at different options for doing so, to inform climate negotiations and discussions.
Feature / Ahead of COP27, listen to Episode 2 of SEI's Now & Then Podcast on Loss and Damage — what it means and how to operationalize finance to address it.
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