Background

The operationalization of the Loss and Damage Fund, after months of intense negotiations throughout 2023, was adopted on the first day of COP28 in Dubai, UAE. The fund is designed to assist developing countries, particularly those most vulnerable and least responsible for the climate crisis, cope with the "loss and damage" they experience due to extreme weather events, rising sea levels, and other climate-related issues.

The Fund, to be initially hosted by the World Bank, has received about $700 million in pledges, including $100 million each from Germany and the UAE. These contributions are minimal compared to the projected $580 billion in climate-related damages vulnerable countries might face by 2030.

Therefore, the upcoming Board of the Fund is tasked with ensuring effective, responsive policies and resource mobilization. Countries are urged to increase their financial contributions and explore new funding sources, like taxes on fossil fuels and shipping.

There is also a call for nations to incorporate detailed loss and damage assessments in their next Nationally Determined Contributions (NDCs), including cost estimates for more predictable financing. Additionally, the Santiago Network, hosted by the UN Office of Disaster Risk Reduction (UNDRR) and the UN Office for Project Services (UNOPS), will provide crucial technical assistance to developing nations by bringing in relevant organisations and experts to implement approaches for averting, minimizing and addressing loss and damage, which could form part of the strategies in the utilization/operationalization of the Loss and Damage Fund.

Given the new information and next steps from the recent COP28 about the Loss and Damage Fund, this webinar will discuss the different elements and considerations in operationalizing the Fund.

The session aims to enhance understanding among participants of the Loss and Damage Fund's potential and to initiate a dialogue on strategic actions necessary to enhance its impact in the region. The webinar will also seek to identify actionable steps for countries and stakeholders ahead of COP29.

Objectives

• Enhance understanding of adaptation practitioners on the Loss and Damage Fund operational arrangements;
• Gather insights and expectations from governments and NGOs/CSOs regarding the operationalization of the Loss and Damage Fund;
• Unpack the perceived impacts, anticipated outcomes, expected operationalization timeframe, and access recommendations for the Fund;
• Explore policy requirements for operationalizing the Loss and Damage Fund in respective countries; and,
• Identify challenges and potential solutions for effectively operationalizing the Loss and Damage Fund.

Credit: UN Climate Change