Loss and Damage Finance Becomes Reality
As COP 28 draws closer, climate negotiators race to finalize a financing structure to help countries that suffer climate change-related damages.
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In late November this year’s global climate conference, COP 28, will begin in Dubai. The headline issue at COP will be the global stock take, which is a country by country review of progress toward fulfilling emissions reduction pledges under the Paris Climate Agreement.
Yet while much attention at COP will be focused on emissions reductions, a second issue, and one that has long been critical to developing nations, will finally and concretely share the limelight. The issue is that of loss and damage finance, or financial support for countries that sustain damage resulting from a changing climate. In Dubai negotiators are expected to endorse a financing framework, and purpose-built fund, to explicitly address the recovery needs of countries impacted by climate change.
Michael Franczak, a research fellow at the International Peace Institute, explores loss and damage finance and the race to deliver a formal finance mechanism in time for COP28. He also explains why the issue of loss and damage finance has been so contentious, and discusses innovative means to provide loss and damage funding on the scale that’s needed.
Michael Franczak is a research fellow at the International Peace Institute and author of the recent IPI report, “Financing Loss and Damage at Scale: Toward a Mosaic Approach.”
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