News InSpotlight

Detailed funding for loss and damages facility will be finalised during COP28


Details of the funding arrangements for responding to loss and damage associated with the adverse effects of climate change, including a focus on addressing loss and damage, will be finalised at COP28 in November-December 2023.

This was revealed in a draft text on the impacts of climate change finance at the conclusion of COP27 in Sharm El-Sheikh, Egypt.

The most recent development is broadly in line with the demands of developing country groups, but it is up to developed countries to accept or reject the proposal.

Nutricare

The COP27 Presidency issued the draft text on November 19, 2022, proposing the establishment of a loss and damage finance facility with the specifics to be worked out later.

The presidency says it has decided “…to establish new funding arrangements for assisting developing countries in responding to loss and damage, including a focus on addressing loss and damage by providing and assisting in mobilising new and additional resources, and that these new arrangements complement the existing arrangements for financial support from other sources, funds, processes and initiatives, including outside the Convention and the Paris Agreement.”

A transitional committee on the operationalization of the new funding arrangements for responding to loss and damage and the fund established shall also be set up, to make recommendations based on, inter alia, elements for operationalization, for consideration and adoption by the Conference of the Parties at its 28th session (November-December 2023)/the Conference of the Parties serving as the Paris Agreement meeting at its fifth session (November–December 2023).

The Transitional Committee will be informed about the current landscape of institutions, including global, regional, and national institutions, that are funding activities related to loss and damage, as well as ways in which coherence, coordination, and synergies among them can be improved.

It will also be informed by gaps in the current landscape, such as those relating to speed, eligibility, adequacy, and access to finance, noting that these may vary depending on the challenge, such as climate-related emergencies, sea level rise, displacement, relocation, migration, insufficient climate information and data, or the need for climate-resilient reconstruction and recovery, among others.

The presidency agreed in the 100-point draft that the recommendations to operationalize the funding arrangements should take into account establishing institutional arrangements, modalities, structure, governance, defining the elements of the new funding arrangements, identifying and expanding sources of funding, and ensuring coordination and complementarity with existing funding arrangements.

The draft has invited Parties and relevant organizations to submit comments on the topics and structure of the Second Glasgow Dialogue and workshops through the submission portal by February 15, 2023.

United Nations agencies, intergovernmental organizations, and bilateral, multilateral, and international financial institutions have also been invited to provide input on how they might improve access to and/or the speed, scope, and scale of finance available for activities related to addressing loss and damage, including potential limitations and barriers and solutions for overcoming them.

It has also decided that the activities and considerations will be carried out in light of the discussions at the second and third Glasgow Dialogues, which will be held at the Subsidiary Body for Implementation’s fifty-eighth (June 2023) and sixty-fourth (June 2024) sessions, respectively.

“Decides that the 2nd and 3rd Glasgow Dialogues will build on the 1st Glasgow Dialogue, held at the fifty-sixth session of the Subsidiary Body for Implementation, and that the 2nd dialogue shall focus on the operationalization of the new funding arrangements established under paragraph 2 above and the fund established under paragraph 3 above as well as on maximizing support from existing funding arrangements relevant for, inter alia, responding to economic and non-economic losses, slow onset events and extreme weather events, and that they will inform the work of the Transitional Committee,” it said.

Requests have also been made to the Chair of the Subsidiary Body for Implementation to provide a summary report on each Glasgow Dialogue within four weeks.

The United Nations Secretary-General has been invited to convene the principals of international financial institutions and other relevant entities to identify the most effective ways to provide funding to respond to needs related to addressing loss and damage associated with the adverse effects of climate change.

International financial institutions are being urged to consider the potential for such institutions to contribute to funding arrangements, including new and innovative approaches, responding to loss and damage associated with the adverse effects of climate change at the World Bank Group and International Monetary Fund Spring Meetings in 2023.

The Presidency also requests that the incoming President of the Conference of the Parties convene ministerial consultations prior to the twenty-eighth session to advance consideration and understanding of a possible outcome on this matter at that session.

It also decides that the activities and considerations will be carried out in light of the discussions at the second and third Glasgow Dialogues, which will be held at the Subsidiary Body for Implementation’s fifty-eighth (June 2023) and sixty-fourth (June 2024) sessions, respectively.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.


[Source: MyJoyOnline.com]

Liked this Article? You can share with others via various social media platforms. Got some information to share with us?
Send us your articles or advertisements enquiries via [email protected]

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button