1/13.📜NEW BLOG: In a new blog for @LossandDamage, @jar_climate asks "Is the #GlobalShield about progress or distraction?" on a political decision to deliver a #LossAndDamage finance facility at #COP27?
🔗Read it here: lossanddamagecollaboration.org/pages/global-s…
2/13. As the 2nd week of #COP27 starts the BIG question is: will it establish a #LossAndDamage Finance Facility or will rich countries continue to delay & push responsibility onto the #ClimateVulnerable by pushing non-transformative solutions like insurance?
3/13.After decades of #BlahBlahBlah and multiple dialogues (The 2016 SCF forum, the 2018 #SuvaExpertDialogue, the #GlasgowDialogue in 2022) and 9 years of the #WIM rich countries are arguing for more dialogue* rather than establishing a #LossAndDamage Finance Facility at #COP27.
4/13. *This is one of a typology of delay tactics used by rich countries that have been used over the last 30 years to defer action on #LossAndDamage. See our "Cost of Delay" brief below for the full list:
🔗lossanddamagecollaboration.org/publication/co…
5/13. Today sees the launch of the #GlobalShield against Climate Risks. Expected to focus on insurance, the #GlobalShield is "making progress" outside of the @UNFCCC whilst rich countries block progress within the @UNFCCC. Coincidence? We think not!
🔗financialprotectionforum.org/event/cop27-ev…
6/13. Insurance can, at best, play a very small role in addressing #LossAndDamage. It often only pays out 2-3% of the cost of damages, leaving vulnerable countries seeking humanitarian assistance (inadequate) or loans which often lead to spiralling debt after a #ClimateDisaster.
7/13.Side note: all those arguments about lack of “absorptive capacity” don’t explain why debt is increasing across climate-vulnerable nations. Including #Vanuatu’s debt, which rose from 21% to >50% of GDP after cyclone Pam in 2015 & Harold in 2020.
🔗jubileeaustralia.org/storage/app/up…
8/13. Insurance also pushes the responsibility for #LossAndDamage onto vulnerable people by asking them to pay for expensive policies that inadequately cover losses and damages to homes, livelihoods and lives impacted by a #ClimateCrisis they did little or nothing to cause.
9/13. As @AvinashPersau15, the special envoy to @miaamormottley says, an emphasis on insurance “means the innocent victims of #ClimateChange will pay for the #LossAndDamage caused by others: it is victim pays, just in instalments”.
🔗geopolitique.eu/en/articles/br…
10/13. There are better, fairer responses to #LossAndDamage that a Finance Facility should be well funded for, including social safety nets, a recovery facility for instant cash, and dozens of other proposals laid out at the many dialogues since 2016.
🔗lossanddamagecollaboration.org/publication/is…
11/13. Yet, so far, of the US$ 300m committed to #LossAndDamage, 65% is for the #GlobalShield and most of this funding is recycled from adaptation funding, other climate funding, or development funding (aid), meaning, that it’s not really #LossAndDamage finance at all.
12/13. How will we know if rich countries are genuine?
The "litmus test" = establishing #LossAndDamage finance facility at #COP27. If they continue to block whilst seeking kudos for throwing pennies to the #GlobalShield, it will be clear that the Global Shield = a delay tactic.
12/13. 📜Read the blog here: lossanddamagecollaboration.org/pages/global-s…
🚨Live doc with the latest on L&D: docs.google.com/document/d/1Q9…
📸#LossAndDamage cheat sheet for journalists: docs.google.com/document/d/1aO…
🧑🎓And learn more about #LossAndDamage here: lossanddamagecollaboration.org/whatislossandd…
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