Editorial Analysis – Loss and Damage decisions, pitfalls and promises
In News –
The decision to focus new financial arrangements on L and D — those who are especially vulnerable to the negative consequences of climate change — is a key result of COP27 in Egypt in terms of loss and damage (L and D).
Principle of Loss & Damage –
- During its negotiations (COPs), UNFCCC developed a number of international environmental law and climate action principles, including the Polluter Pays Principle, the Common But Differentiated Responsibility Principle (CBDR), the Intergenerational Equity Principle, and the Loss and Damage Principle.
- In 2013, the Warsaw International Mechanism on Loss and Damage (WIM) was established (UNFCCCCOP 19). Under L&D, wealthy nations who have contributed to climate change are urged to be accountable to developing nations who are already experiencing its effects.
- Under the auspices of the UNFCCC, the Suva Expert Dialogue on Loss and Damage covered risk assessment, risk transfer, risk reduction and retention, as well as comprehensive risk management strategies for extreme weather events and slow-onset climatic processes.
Funding climate action –
- Climate financing is the local, national, or worldwide funding for climate change adaptation and mitigation initiatives that comes from public, private, and alternative sources.
- According to the recently published United Nations Environment Programme (UNEP) Adaptation Gap Report, 2022, global efforts in adaptation planning, financing, and implementation are not sufficient to prepare vulnerable communities around the world to adapt to the rising risks from the impacts of climate change.
- The UNFCCC, Kyoto Protocol, and Paris Agreement call on Parties with larger financial resources (Developed Countries) to provide financial support to those who are less wealthy and more vulnerable (Developing Countries). According to the “Common but Differentiated Responsibility and Respective Capabilities” principle, this is the case (CBDR)
- At the UNFCCC COP15 (Copenhagen) in 2009, the rich nation parties agreed to set a target of USD 100 billion each year by 2020 to meet the requirements of developing countries in order to achieve effective mitigation actions and transparency on implementation. But the wealthy nations have not adhered to this agreement.
L&D Fund –
- A ground-breaking agreement was recently made at the 27th UN Conference of Parties (COP27 of UNFCCC) in Sharm El Shaikh, Egypt (2022) to provide “loss and damage” assistance for vulnerable countries severely affected by climate disasters through an L&D Fund.
- A transitional committee to prepare components related to the operationalization of the new financial arrangements to be established at COP28 is included in the decision.
- The judgment restores countries’ faith in the multilateralism process, especially those who are weak. A lack of clarity regarding the source of income (sufficient and predictable) accruing to the new fund alone can be seen in the committee’s plan to explore and broaden financing sources.
- The new L and D fund is in doubt due to wealthy countries’ failure to fulfill their goal to mobilize $100 billion in climate money annually by 2020.
- The new financial arrangements will supplement the current ones and encompass sources, monies, procedures, and efforts both within and outside of the Paris Agreement and the Convention, helping to mobilize new and extra resources.
- This lessens the Alliance of Small Island States’ (AOSIS) persistent call for the establishment of a special loss and damage response fund, which would be in addition to current climate financing pledges, at COP27 and elsewhere.
- The decision acknowledges once more that the history of climate change discussions has been mitigation-centric, serving the needs of wealthy countries.
- According to the report, reducing the rise in average global temperature to less than 1.5° Celsius is crucial for preventing further loss and harm.
Way forward –
- The industrialised nations have continuously fought being held responsible for the negative effects of climate change throughout the whole climate change negotiating process.
- Their prior contributions to various funds have been based on the idea of shared but distinct responsibilities and individual skills (CBDR).
- According to study studies, they only accept responsibility for global environmental degradation in light of the stresses their societies put on the environment as well as the technology and financial resources they control.
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