UN Climate Change News, 1 June 2023 - The Transitional Committee on the operationalization of the funding arrangements and new fund for responding to loss and damage held its second meeting from 25 to 27 May in Bonn, Germany.
The decision to establish a dedicated fund and new funding arrangements to assist developing countries in responding to loss and damage associated with climate change was a historic move agreed at last year's UN Climate Change Conference COP27. The Transitional Committee is responsible for operationalizing both the new funding arrangements and the fund for consideration and adoption at this year's COP28 in Dubai.
Opening the meeting, UN Climate Change Executive Secretary Simon Stiell said: "This is an important year, and there are high expectations for what can be delivered at COP28. There is a real opportunity to course correct both in terms of cutting emissions and reacting to losses and damage. We need to see concrete recommendations emerging from the Transitional Committee that governments can act on, and the UN Climate Change Secretariat is doing all it can do to facilitate this process."
During the Bonn meeting, committee members discussed a range of options on various aspects of the fund, such as the potential institutions that can facilitate or host new funding arrangements, and potential sources of finance that can ensure that the necessary scale of funding is made available. Also discussed were different levels and models of coordination that are suited to the landscape of funding for loss and damage. Observer organizations also shared their views and considerations.
One key point that emerged is that the Santiago network on loss and damage is seen as an integral part of the funding arrangement, to take care of technical assistance and capacity-building and also having the fund eventually host the network. This would be similar to a readiness programme that is part of the Green Climate Fund.
A total of four meetings of the Transitional Committee are scheduled for this year, with the third meeting of the Transitional Committee taking place from 29 August to 1 September 2023 at a location yet to be determined.
Leading up to this third meeting, the second Glasgow Dialogue to discuss the arrangements for the funding of activities to avert, minimize and address loss and damage associated with the adverse impacts of climate change will take place 8 to 10 June, during the UN Climate Change Conference in Bonn.
In addition, a second workshop on addressing loss and damage will take place 15-16 July in Bangkok, Thailand, and offer additional opportunities to reflect on these issues and to hear from a wide variety of stakeholders.
