SEI Climate Profile picture
Nov 1 5 tweets 5 min read
#COP27 | #LossAndDamage

In the first half of 2022, developing countries suffered USD26.2 bn economic losses, while just 6 #FossilFuel companies reported a profit of USD95 bn, finds @LossandDamage's latest report.

@MongabayIndia @mongabay cc @theplainjain
india.mongabay.com/2022/10/explai…
Rich, industrialised countries have contributed an estimated 92% of excess historical emissions, yet it is the developing & vulnerable countries that are hit the hardest by climate change impacts.

oxfam.org/en/research/fo…
Experts tag #COP27 as the 1st climate summit in “the era of #LossAndDamage.”

In 2022, over 119 record-breaking #ExtremeWeather events hit developing countries, resulting in billions of dollars of losses.
While India highlights #LossAndDamage finance to be a key negotiation point in #COP27, its submitted #NDC in August 2022 has no mention of L&D, says @RituBharadwaj16.

India's economic L&D from climate change is said to be around 1.8% of its GDP annually by 2050, acc. to @ucl.
#Finance distributed as grants, esp. small grants that are directly targeted towards and reach grassroots organisations & local communities, are likely to be more effective — since it means greater autonomy & decision-making power over how finance is utilised,” says @ZShawoo.

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More from @SEIclimate

Nov 1
🎙️Podcast | #LossAndDamage

Ahead of #COP27,
@NELSON84139702 shares what L&D means to youths
@BakhtaouiInes & @ZShawoo present insights on the gaps, #ClimateJustice principles, and how to operationalise a fair, feasible & effective #finance.

🎧Tune in: sei.org/featured/podca…
#LossAndDamage is the greatest #injustice we face as #youth.

We are put aside from decision-making processes. We are bearing climate change impacts though we have contributed little to it,” says @NELSON84139702 at @LossDamageYouth.

“We want #LossAndDamageFinanceNow at #COP27.”
Most of the existing #finance is to:
- address immediate response after a climate disaster, provided by humanitarian aid & development organisations
- prevent disasters, related to adaptation & linked to development funds, e.g. #ClimateFinance on early warning systems & insurance
Read 9 tweets
Nov 1
🧵 #COP27 |

With growing demand for #LossAndDamage finance, SEI’s @BakhtaouiInes & @ZShawoo identify 6 principles to underpin #finance, and suggest that modalities should centre the needs & priorities of vulnerable communities.

Read the new report: sei.org/publications/f…
4 gaps in the existing architecture suggest the need for a new #finance mechanism:

- Resources fall far short of needs
- Inadequate institutional arrangements
- Lack of instruments to address slow-onset impacts
- Lack of financing for non-economic #LossAndDamage

(1/9)
6 guiding principles can ensure that #LossAndDamage finance is grounded in #ClimateJustice:

(2/9)
Read 10 tweets

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