Sometimes we hear there are some divisions amongst developing and vulnerable blocs on loss and damage finance. But, after the first informal consultations on funding arrangements for loss and damage, ECO thinks it’s pretty clear – there are not.
The urgency and importance of this issue is such that Prime Minister of Antigua and Barbuda Gaston Browne made the first intervention. Parties were asked what their expectation were, and broadly, we heard that COP27 must: 1) acknowledge the current funding arrangement to address loss and damage is not fit-for-purpose (it doesn’t exist!), 2) agree at this COP to establish a new fit-for-purpose arrangement under the UNFCCC Financial Mechanism, and 3) agree on a pathway to design and operationalise it.