Climate-induced loss and damage continues to be neglected globally
The sixth meeting of the Executive Committee (Excom) of the Warsaw International Mechanism for Loss and Damage associated with Climate Change Impacts (WIM) ended in Bonn on October 13 with no significant outcomes on any of its work areas. The WIM was established at Conference of Parties (COP 19) in Warsaw in 2013 to address loss and damage associated with impacts of climate change in developing countries, especially those that are not equipped enough to adapt.
At Marrakech climate conference in 2016, it was decided to formulate a strategic work stream to guide the implementation of the WIM’s function. Countries, therefore, agreed to start the process of financial support which was a welcome step. However, no progress happened on this crucial decision at the two Excom meetings that happened this year. There is still no clarity on amount of fund required to make these vulnerable nations climate-resilient and ways to channelise the fund.
When it comes to financial instruments, the launch of clearing house on risk transfer was announced at COP 23 to serve as a repository for information on insurance and risk transfer that would help the Parties to develop and implement comprehensive risk management strategies. No development emerged on establishment of financial mechanisms, including safety nets, to help the most vulnerable sector—the agriculture sector in developing countries. Discussions were mostly along the lines of technical reports and increased knowledge on slow onset events, migration and displacement.
CIFOR