In an ironic twist, loss and damage finance seems to be suffering from displacement. ECO hears that developed country delegates keep trying to shunt the issue of loss and damage finance into some mythical ‘elsewhere’, claiming that discussions on the WIM were not the right place for it. ECO reminds delegates that 2/CP19 is a passport for the WIM into the world of loss and damage finance – with a clear mandate for the WIM to ‘enhance’, ‘facilitate’, ‘mobilise’ and ‘secure’ finance for loss and damage.
Is a taskforce the answer to the thorny issue of where loss and damage finance belongs? With the right mandate — clear outcomes and timeframes, instructions to consider innovative sources of finance that go beyond insurance, a budget to be effective, and an invitation for civil society to engage, it may well be. One thing is for sure – after four years of the WIM not addressing its mandate to enhance finance for loss and damage, something has to change.