Devex spoke to SEI Associate Scientist Zoha Shawoo about the five key principles that should underpin a future financing mechanism for loss and damage she had outlined in a brief:
- needs-based finance
- “national ownership” over distributing finance
- additionality
- strict liability protocols for any new finance mechanism
- urgency.
“Loss and damage finance should be based on actual needs on the ground,” said Shawoo, adding that a formal assessment is needed “to identify how much finance would be needed, what activities would be funded, which communities would it go to, and how it would be distributed.”
“The success of the Paris Agreement really hinges on the provision of climate finance, including loss and damage finance. Not meeting those demands questions the extent to which climate justice is being assured.”
— Zoha Shawoo, SEI Associate Scientist
