STATEMENT: Countries Agree to COP27 Agenda Item on Funding for Loss and Damage
SHARM EL-SHEIKH (November 6, 2022) - Countries just agreed to an agenda for COP27 on the first day of the negotiations. Critically, the agenda includes an item on providing financing to address loss and damage. This was a crucial prerequisite for making progress on addressing loss and damage, which will be the most consequential negotiation topic at the UN climate talks. A verbal statement that will accompany the agenda item notes that the process should conclude within two years and does not involve liability and compensation.
Following is a statement from Ani Dasgupta, President and CEO, World Resources Institute:
“At long last, providing funding to address losses and damages from climate impacts is on the agenda of the UN climate negotiations. With climate impacts devastating communities all around us, the international community can no longer avert its eyes from the deadly and costly consequences of a warming world.
“Vulnerable nations have tirelessly appealed for help to cope with the alarming and damaging climate impacts that they hold little responsibility for causing. Today, countries cleared an historic first hurdle toward acknowledging and answering the call for financing to address increasingly severe losses and damages.
“We applaud the Egyptian presidency for accelerating this discussion to start the climate negotiations in Sharm El-Sheikh on the right foot.
“It is encouraging that countries agreed to a verbal statement that notes this process will reach a conclusive decision on funding arrangements within two years. Now negotiators need to set clear markers to ensure this process moves quickly, ideally concluding by next year given the urgency of the crisis.
“Of course, getting funding to address loss and damage on the agenda is only the first step. We still have a marathon ahead of us before countries iron out a formal decision on this central issue for CO27. It is critical that all countries work together in good faith to get this done.”