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. 🧵
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.
1/24. 📢During the first contact group on the New Collective Quantified Goal on #ClimateFinance (#NCQG) the G77 and China has indicated they will not accept the substantive framework for a draft text as a basis for negotiations and requested a new text. 🧵
2/24. The G77 asked for a new text to be provided by the Co-Chairs before the next session of the contact group, one that reflects the points that developing countries have raised repeatedly under the Ad Hoc Work Program of the #NCGQ .
1/24 Today was the final day of the 21st meeting of the Executive Committee (ExCom21) of the Warsaw International Mechanism for #LossAndDamage (WIM), which took place from September 11th to 13th in Bonn, Germany. Prior to ExCom 21, the 2nd meeting of all thematic expert groups of the ExCom (EG2) was also held in Bonn from September 9th to 10th. Our team was there! Here are some key points from the discussions.🧵
2/24 🗣️ ExCom21 covered several agenda items, including:
👉Preparation of voluntary guidelines for enhancing collection and management of data and information to inform the preparation of biennial transparency reports (BTRs);
👉How the latest climate science can inform policy-making relevant to averting, minimising, and addressing #LossAndDamage;
👉Work related to strategic workstreams on slow onset events, non-economic losses (NELs), comprehensive risk management (CRM) approaches, human mobility, and action and support;
3/24 agenda items (cont’d)
👉Cross-cutting activities of the second five-year rolling workplan of the ExCom;
👉Collaboration with the Advisory Board of the #SantiagoNetwork;
👉Collaboration with the entities that form the #LossAndDamage funding arrangements, including the Fund for responding to #LossAndDamage (Fund);
👉Recommendations to be included in the 2024 ExCom annual report.
1/59.📢 The final day of the 11th Technical Expert Dialogue (#TED11) and Third Meeting of the Ad Hoc Working Program (#MAHWP3) of the New Collective Quantified Goal on #ClimateFinance (#NCQG) concluded yesterday in Baku, Azerbaijan 🇦🇿. Here are our #LossAndDamage takeaways. 🧵
2/59. 📺The webcast from day 4 of #TED11 and #MAHWP3 can be found here:
3/59. The 4th day of the meeting saw the continuation of #MAHWP3, a report back on #TED11, and a stocktaking session identifying further technical issues, elements and recommendations for political consideration.
1/55. The first day of the 2⃣nd meeting of the Board of the #LossAndDamage Fund has concluded in Songdo - Incheon, in the Republic of South Korea 🇰🇷. Here are our takeaways.🧵
2/55. The 2⃣nd meeting of the Board of the #LossAndDamage Fund opened with a statement by Ji-Young Choi, Deputy Minister for Intl. Affairs, @moefkorea_eng, Republic of Korea 🇰🇷, who announced a voluntary contribution of $7 million USD to the #LossAndDamage Fund.
3/52. Having announced the contribution to the #LossAndDamage Ji-Young Choi indicated that he hoped the pledge would act as a catalyst to encourage more, much needed, contributions to the Fund. 💰
1/44. 📢 Today was the first day of the 2024 #BonnClimateConference which saw the opening plenary and a Technical Expert Dialogue on the New Collective Quantified Goal on #ClimateFinance (#NCQG), here are our #LossAndDamage takeaways. 🧵
2/44. This morning started with a Press conference from the Alliance of Small Island States (@AOSISChair) and the Chair of the Least Developed Countries Group (@LDCChairUNFCCC) on expectations for the #BonnClimateConference.
3/44. Key messages included from the @LDCChairUNFCCC, Evans Nijewa: “The current $100 billion goal [set in 2009] is far below the needs we have in our countries. The New Collective Quantified Goal on #ClimateFinance (#NCQG) must reflect the true needs of our countries.”
1/18.⚠️USEFUL INFO: The 20th meeting of the Executive Committee (ExCom) of the Warsaw International Mechanism for #LossAndDamage (WIM) will take place from the 12-15th of March in Bonn, Germany 🇩🇪. Here’s some useful context, what to expect and our expectations for #WIMExCom20🧵.
2/18. #WIMExCom20 will take place at Wissenschaftszentrum Bonn with the meeting opening on the 12 March 2024 at 09:00 a.m. CET. The meeting will be hybrid.
3/18. The WIM was established at #COP19 in Warsaw to address #LossAndDamage associated with impacts of #ClimateChange, including extreme weather events and slow onset events, in developing countries that are particularly vulnerable to the adverse effects of #ClimateChange.