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.
1/55. 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.
1/17. Its day twelve —the last official day of #COP28— and it looks like we are headed for overtime! Today was a day of powerful reactions to last nights #GlobalStocktake text which failed to call for a phase out of #FossilFuels. Here are our #LossAndDamage takeaways.🧵
2/17. For our latest analysis of the 5⃣ key #LossAndDamage issues —with accompanying solutions— that we want to see addressed in the new #GST text.
3/17. Running into the early hours of this morning, the Heads of Delegation meeting convened by the @COP28_UAE on yesterdays #GlobalStocktake text saw many countries and groups reject the text for lack of ambition.
1/11.⚡️BREAKING NEWS⚡️: The fifth meeting (#TC5) of the Transitional Committee (TC) of the #LossAndDamage Fund has agreed on recommendations to send to #COP28. However, the US 🇺🇸 says “it is not a consensus document” because they were not in the room when it was adopted.
2/11. The US 🇺🇸stood as the only TC member blocking consensus by asking for last-minute changes to the text when all other TC members had agreed to the “imperfect text”. Having blocked adoption several times, the US left the room when Co-Chairs called for the final time to adopt.
3/11. Following the close of #TC5 the US 🇺🇸 interjected to reject the consensus decision claiming “it is not a consensus document” because they did not provide consent. The Co-Chairs say that they will now reflect that “in the view of the US” it is not a consensus document.
1/10.📢It is day two of the fifth meeting (#TC5) of the Transitional Committee (TC) of the #LossAndDamage Fund in Abu Dhabi, in the United Arab Emirates 🇦🇪. The new text for the #LossAndDamage Fund is out and it is totally ⛔️ unacceptable!
1⃣ The text sees @WorldBank become the interim host of the #LossAndDamage Fund without a clear exit. (Developing countries have been clear, they will only accept the @WorldBank as an interim host with a set of conditions and not forever!).
3/10. 2⃣No clear obligation for developed countries to pay their fair share into the #LossAndDamage Fund.