Piloting Community-based Loss and Damage Compensation in V20 Countries
Pioneering Community Funding for Addressing Climate Change Loss & Damage
Increasing climate shocks and stresses
Climate change is increasing the frequency and intensity of extreme weather events worldwide, along with the mounting pressures of erratic hydrological phenomena. The World Meteorological Organization (WMO) Global Climate Report 2022 highlights that, from mountain peaks to ocean depths, climate change continued to advance throughout 2022. 2023 was recorded as the warmest year on record, marked by wildfires in Canada, devastating floods in Libya, and a record-breaking heatwave in Asia, impacting countries like India, China, Laos, and Thailand. Cyclones, droughts, floods, and heatwaves have affected communities on every continent, causing billions of dollars in damages.
Era of loss and damage has arrived
With the establishment of the Fund for Responding to Loss and Damage at the 27th Conference of the Parties (COP) and its formal operationalization at COP28, the issue of loss and damage finance has firmly arrived on the multilateral climate change agenda of the United Nations Framework Convention on Climate Change (UNFCCC). On the first day of COP28, the Parties adopted the governing instrument for the new loss and damage fund, following the decision at COP27 to establish such a fund. This historic decision comes after years of pressure from vulnerable countries and civil society.
Read and learn more by downloading the full document below:
Piloting Community-Based Loss and Damage Compensation in V20 Countries
Loss and Damage Learning Brief