Loss and Damage Fund “a Lifeline” – UNFCCC’s Stiell

UN Climate Change Executive Secretary Simon Stiell made an urgent call for innovation and commitment as discussions opened on establishing a loss and damage fund at the Bonn Climate Conference. “I urge you to think creatively and look at innovative ways to help climate finance make a real difference to the lives of the world’s most vulnerable people,” he said. “The loss and damage funding arrangements are a lifeline for vulnerable people and places.” An agreement was struck in the final hours of COP27 to establish a fund to compensate the countries most vulnerable to climate change and recommendations for funding arrangements will be made at COP28 in December. The deal established a Transitional Committee, the co-chairs of which provided an update to its progress at the start of the two-day Second Glasgow Dialogue at the Bonn summit. The committee will also meet in July to discuss issues including accountability of the new fund, legal implications, eligibility, and gaps in existing funding sources. Stiell said the Bonn discussions would help to ensure discussions on loss and damage arrangements as inclusive as possible. “This entails actively involving the communities that are most affected, along with the people and organisations striving to provide them with support,” he said.

 

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