1/9.📜NEW PAPER: "Time to pay the piper: Fossil fuel companies’ reparations for #ClimateDamages" from Marco Grasso and @rickheede gives clear guidance on the billions of $$$'s #FossilFuel companies should pay into the #LossAndDamage Fund each year.
The report finds that the #FossilFuelIndustry will be responsible for $23.2 trillion (USD) of economic #LossAndDamage (to GDP) between 2025–2050 under a 3°C warming scenario.
3/9. This is important because the report demonstrates that it’s possible to attribute #LossAndDamage costs, and the responsibility for redress, to specific #CarbonMajors .
5/9. This means that these top 5 #FossilFuel companies alone would cover 1 quarter of the $400 billion required each year to address #LossAndDamage (based on mid point averages for #LossAndDamage in the 2020s).
6/9. The largest twenty-one #FossilFuel companies analysed would disburse $5,444 billion to the #LossAndDamage Fund over the period 2025–2050. This would see $217.79 billon dollars a year sent to the #LossAndDamage Fund — over half of the $400 billon required each year.
7/9. The remaining $182.24 could then be made up through Developed country contributions and alternative sources of finance that are new, fair and redistributive, #PolluterPays, predictable, and public-based. E.g. a #FrequentFlyerLevy, a #WealthTax, and more! 👇
8/9. Whilst this shows that much of the $400 billion needed each year (throughout the 2020s) can come from alternative sources of finance like these from the #FossilFuel companies, the countries most responsible for the #ClimateCrisis must still pay their fair share.
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.