With the 60th sessions of the Subsidiary Bodies in full force, loss&damage experts are meeting @IIASAVienna:
👉 As limits to adaptation are closing in, it's time to not just think about transformative resilience-building & scaling up funding but actually putting in the work.
Economic integrated assessment modelling plus ghg emission responsibility leads to estimate of funding needs for residual impacts= #LossAndDamage for 2025 of US $395 [128–937] billion for median global economic climate impact of US $515 [385–737] billion
Wider range, similar magnitude as Markandya&González-Eguino in 2019 for economic model ensemble. Residual economic impact estimate for non-Annex I countries with range of $116–435 billion for 2020 and $290–580 billion for 2030 (in 2005 USD) https://t.co/YeTPgQK0zr #lossandDamage
Paper shows how #LossandDamage funding needs require flows from high/upper middle income to mid/ low income countries proportional to ghg (CO2) emission responsibility. Responsibility start dates (1850, 1990, 2015) affect funding shares between high and upper middle income states
10/36. The Board then adopted a statement of intent on direct access to the #LossAndDamage Fund. This will provide an initial signal to the @WorldBank on what the Board means when it talks about direct access being crucial to the success of the Fund.
37/39. After the interventions Board where given a chance to respond and ask questions, with many signalling strong support for the important role that #CivilSociety had played in getting the #LossAndDamage established at #COP27 and during the Transitional Committee process.
28/39. The intervention from for Canada 🇨🇦 and New Zealand 🇳🇿 was supported by other Board members including Rebecca Lawlor of the USA 🇺🇸 and Sebastian Lesch of Germany 🇩🇪.
24/39. Speaking for Canada 🇨🇦 and New Zealand 🇳🇿, Laurence Ahoussou, also called on the @WorldBank and Board to ensure direct access to the #LossAndDamage Fund for small groups and Indigenous Peoples on the front lines of the #ClimateCrisis. “We need to find a way to do that.”
1/39. The first meeting of the Board of the #LossAndDamage Fund started today in Abu Dhabi, in the UAE 🇦🇪. Here are some of our key takeaways 🤔 and some important messages 🗣️from the first day of the first meeting of the Board. 🧵
📢 Severe Weather Alert in Abu Dhabi‼️
Warning of rains, thunderstorms and hail forces the #LossAndDamage Fund Board meeting to shift online.
This is a stark reminder of the #ClimateEmergency we are facing globally!
#ClimateCrisis
https://t.co/4o903In3EE
Great to see the #LossAndDamage Fund operationalised at #COP28 and pledges being made already a year after last year‘s decision to establish the fund-which took more than 30 years of heavy debate and negotiations.
IIASA's @reinhardmechler contributed to a new #PolicyBrief by the @floodalliance which provides facts, figures, and context that outline just how vital it is that progress is made on the issue of climate-related #LossesAndDamages.
Find out more 👉 https://t.co/42zCh25Ypu
#COP27
NEW: Global failures to address the climate crisis are causing massive losses and costly damages to the lives, livelihoods, and futures of communities around the world.
Read our latest report: https://t.co/T2y0cv8ihK #FallingThroughTheGaps@zfoundation#LossAndDamage
“I invite the CMA to adopt agenda item funding arrangements for responding to #LossAndDamage. I hear no objections. It is so decided.” @COP27P at the #COP27 Closing Plenary followed by CMP 17 Closing Plenary followed by CMA 4 Closing Plenary.
30 years of patience. The day has arrived. It is done. YES a new Fund for responding Loss and Damage in developing countries….This is a unique moment a win for all citizens of the world. Head of Delegation have agreed…
It is an honour and a great responsibility
I look forward to working with @Cop27P Presidency, @Maisa_Rojas and all parties on the road towards a strong #COP27 package