Minimizing and addressing loss and damage with locally led adaptation and risk-transfer financing solutions
The latest IPCC report confirms that climate change has caused widespread adverse impacts and related losses and damages (L&D) to nature and vulnerable communities who have historically contributed the least to it. Examples like coastal erosion in Bangladesh and deadly cyclones in southern Africa show the devasting impact of climate change in vulnerable communities.
Article 8 of the Paris Agreement acknowledges the importance of averting, minimizing and addressing loss and damage while emphasizing sustainable development´s role in reducing the risk. Among key areas to enhance support and facilitate cooperation on L&D are early warning systems, emergency preparedness, comprehensive risk management, and resilience of communities, livelihoods, and ecosystems.
To effectively protect communities in the most climate-vulnerable countries and minimize and address losses and damages, it is essential to enhance knowledge and understanding of approaches to bolster action and support, including finance, technology, and capacity building.
- Ms. Sinead Walsh, Climate Envoy and Member of the Transitional Committee on Loss & Damage, Ireland
- H.E. Mr. Seve Paeniu, Minister of Finance from Tuvalu
- H.E. Ms. Rohey John-Manjang, Minister of Environment, Climate Change and Natural Resources
- H.E. Mr. Tiofilusi Tiueti, Minister of Finance, Kingdom of Tonga
- Mr Ibrahima Cheikh Diong, United Nations Assistant Secretary General and Director General of the African Risk Capacity
- H.E. Mr. Dan Jørgensen, Minister for Development Cooperation and Global Climate Policy of Denmark
- Dr. Mahmoud Mohieldin, UNFCCC High Level Climate Champion for COP27, Egypt