1/28.📜NEW BRIEF: Today we launch “THE COST OF DELAY: Why finance to address #LossAndDamage must be agreed at #COP27”, which makes it clear why a #LossAndDamage Finance Facility must be established at #COP27 in #Egypt. 🧵
🔗Get it here: lossanddamagecollaboration.org/publication/co…
2/28. The brief begins with messages from The Prime Minister of Barbados @miaamormottley, Mary Robinson Chair of @TheElders, and @MohamedNasheed; Former president of the #Maldives and @TheCVF ambassador for ambition, on why there can be no further delay on #LossAndDamage finance.
3/28.The first chapter “As Wealthy Countries Delay” starts by highlighting that #LossAndDamage from #ClimateChange is not a future reality, but something happening right now caused by developed country emissions for which communities in developing countries are bearing the costs.
4/28. Before pointing out that a proposal for compensation for the impacts of sea-level rise due to #ClimateChange was first put forward by Vanuatu on behalf of the Alliance of Small Island States (AOSIS -@AOSISChair), in 1991 over 30 years ago.
5/28.And that since then, there has been a concerted effort by developed country Parties to the @UNFCCC to delay any progress on #LossAndDamage Finance. Something that goes against the principle of “common but differentiated responsibilities” which is enshrined in the @UNFCCC.
6/28. Whilst recognising that despite opposition, developing country negotiating groups have made hard-fought progress in other areas relating to #LossAndDamage, such as the establishment of the Warsaw International Mechanism (WIM) in 2013 and the #SantiagoNetwork in 2019.
7/28. But that ultimately actual finance to address #LossAndDamage remains blocked and that without this, other areas of progress such as the Santiago Network (a network intended to catalyse technical assistance to address #LossAndDamage) risk becoming empty shells.
8/28. Then the arguments typically used by developed countries for why finance to address #LossAndDamage cannot be agreed upon are presented and rebutted, to highlight how they are used to distract from responsibility for providing L&D finance and to delay substantive action.
9/28. Before we are reminded the issue of finance to address #LossAndDamage is not actually on the permanent COP agenda as a negotiating item. After which we hear from @SaleemulHuq why without adequate space to have these important discussions, no true progress can ever be made.
10/28. Chapter two, "#LossAndDamage Becomes Reality", starts by highlighting that with 2.7°C of warming currently projected and huge gaps between the amount of finance required by developing countries to adapt and what is being provided, the urgent need for L&D finance is clear.
11/28. It then explains that because countries in the #GlobalNorth are responsible for 92% of excess historical emissions which are linked to increasing numbers of #ClimateDisasters in developing countries, developed countries must pay for the #LossAndDamage they have caused.
12/28. Before revealing that increasing numbers of extreme climate- and weather-related events have on average affected 189 million people a year and caused over 676,000 deaths between 1991 and 2021 in developing countries.
13/28. And showing that no matter which way you measure responsibility for emissions, it is the richest countries, people and polluting industries that should be paying towards addressing #LossAndDamage from #ClimateChange.
14/28. This is followed by the shocking revelation that #FossilFuel companies could have paid for climate-induced economic losses suffered by @V20Group countries between 2000 and 2019 and still had almost $30 trillion left over in profits.
15/28. And just how tiny the total amount of finance to address #LossAndDamage put forward by Governments ($16m) is —note that this is not under the @UNFCCC— when compared to the super-profits of the #Oil and #Gas industry which is estimated to make $3.34bn in just 24 hours.
16/28.Chapter three "Another Chapter In The Playbook Of Delay" starts by zooming in on 2022 to highlight how after a #LossAndDamage Finance Facility was rejected at #COP26, extreme weather events rage on in developing countries while #FossilFuel companies post staggering profits.
17/28. Before highlighting that in the first six months of 2022 alone, just six major #FossilFuelCompanies made enough in profits to cover the costs of economic losses from extreme weather events in developing countries three times over and still have almost $70 billion left.
18/28. Chapter four "Current Mesures Are Inadequate", starts by highlighting that existing mechanisms such as insurance and humanitarian aid are not sufficient in scale or in scope and neglect critical medium- to long-term actions to address #LossAndDamage from #ClimateChange.
19/28. Reveals that since 2017, donor nations have met on average only 54% of the amounts needed in extreme weather-related appeals, leaving a shortfall estimated at between $28 billion & $33 billion. Leaving climate-vulnerable countries held “hostage to random acts of charity”.
20/28. And that when Dominica suffered catastrophic #LossAndDamage from Hurricane Maria in 2017, which was estimated at $1.37 billion, a staggering 226% of its GDP, sovereign insurance covered just 1.5% of the costs of #LossAndDamage incurred.
21/28. Then makes clear that a #LossAndDamage Finance Facility could be designed to both rapidly distribute finance for emergency relief (based on parametric triggers) and also to support longer-term actions such as rebuilding or relocation programmes.
22/28. Before illustrating how a #LossAndDamage Finance Facility could be helping communities to recover in the aftermath of the #PakistanFloods.
23/28. The final chapter "Seizing The Moment At #COP27", recaps that delay in mobilising finance to address #LossAndDamage has seriously cost developing countries, impacted billions of people's lives and livelihoods and undermined progress on the #SustainableDevelopmentGoals.
24/28. Before making key recommendations for #COP27 that can put an end to the delay in providing finance to address #LossAndDamage from #ClimateChange.
25/28. The brief has been written by @LyndsayWalsh4 & @TeoSkeaping who wish to acknowledge the generous assistance of @Carthyanna1, @TracyCarty, @danielle_falzon, @ashghadiali, @SaleemulHuq, @kirsty_lazer, @ekmason1121, @ColinMcQuistan, @rajupchhetri, @MukayirangaEva…
26/28. @Rininreallife, @sindra_sharma, @liane_boell, Linda Siegele, @InezaGrrace, Aviel Verbruggen and @MbobaBen in the preparation of the brief.
This brief has been endorsed by 24 international and national organisations including: @ICCCAD, @PracticalAction, @StampOutPoverty..
27/28. @boell_us, @LossDamageYouth, @rosaluxnyc, @sciaf,@fftcnetwork,@cncd111111, Prakriti Resources Centre,@ciel_tweets, @Climate_Refugee, @christian_aid,@IIED,@WWF,@MakePolluterPay, @Oxfam, @CANIntl, @CARE,@BritishQuakers, @Greenpeace,@ActionAid,@GSI_Exeter, & Radical Ecology.
28/28. 📜Read the full report here: lossanddamagecollaboration.org/publication/co…
👩🎓Learn more about #LossAndDamage here: lossanddamagecollaboration.org/whatislossandd…
📼Watch "This Is #LossandDamage Who Pays?":
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.