Parties Need To Get The Chemistry Right On Loss And Damage Finance
ECO was always a fan of chemistry lessons at school. Understand the elements correctly; consider compounds, composition, structure, and you can get the reaction you are looking for on your litmus test.
And as set out in ECO first COP26 issue, finance to support addressing (including recovering from) Loss and Damage, will be ECO’s litmus test for COP26. Parties must respond to climate-induced losses and damages around the world, and deliver new and additional financial resources to address it.
But the proposed solution is not looking good. So ECO would like to remind ministers and negotiators how to get the perfect formula for addressing Loss and Damage.
Globally, we have already entered the era of Loss and Damage. ECO appreciates that, at least in the last draft cover decision ECO saw, parties reiterate the urgency of scaling up action and support, including finance, technology transfer and capacity-building, for averting, minimising and addressing loss and damage, and urge contributors and funds to provide enhanced and additional support. And that Parties also welcome agreement on functions and processes for the operationalisation of the Santiago network. The proper operationalisation of a needs-based Santiago Network will be an important catalyst for action on loss and damage.
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