A UN committee of 24 members met in Luxor, Egypt from 27 to 29 March 2023 to discuss the details of a fund for climate victims. The fund was agreed to at COP27 last November, but the details of how it will work have not yet been finalized. The committee is tasked with proposing how the fund should be set up and managed, and will present its findings to all countries at COP28 in December for a unified decision.
Key points:
- The fund is intended to help vulnerable nations recover from climate-related disasters.
- The committee is made up of representatives from developed and developing countries.
- The committee will be looking at identifying and expanding sources of funding, and considering how a new fund or finance facility will work alongside existing arrangements.
- Campaigners argue that the loss and damage fund must be accountable to the most vulnerable, drawing on the experience of community-based organisations and using financial mechanisms that are transparent and equitable.
Background:
The loss and damage fund is a key issue in the UN climate negotiations. Developed countries have long argued that they should not be held responsible for the costs of climate change, which they say are the result of the actions of all countries. However, developing countries argue that they are the ones who are suffering the most from the effects of climate change, and that developed countries have a moral obligation to help them.
The agreement to create a loss and damage fund was a breakthrough at COP27. However, the devil is in the details, and it is still unclear how the fund will work and who will pay for it. The committee that met in Luxor will be working on these details, and their recommendations will be critical to the success of the fund.
Analysis:
The creation of a loss and damage fund is a positive development, but it is important to remember that it is just one part of the solution to the climate crisis. Developed countries also need to take urgent action to reduce their emissions, and to provide more financial and technical assistance to developing countries so that they can adapt to the effects of climate change.
The committee that met in Luxor has a difficult task ahead of it, but its recommendations will be critical to the success of the loss and damage fund. It is important that the committee takes into account the needs of the most vulnerable countries, and that it ensures that the fund is accountable and transparent.