By Dare Akogun
Representative of 24 members nation from the Parties to the Convention and Paris Agreement are currently in Luxor, Egypt to discuss the operationalization of the new funding arrangements for Loss and Damage and the associated fund.
The three-day meeting which started today is the first Transitional Committee meeting convene in Luxor to make recommendations for consideration and adoption to be fulfilled by COP28 in December 2023.
During COP27, the momentous decision to establish a Loss and Damage fund for the first time in the climate conference’s almost three-decade history aims at assisting developing countries that are particularly vulnerable to the adverse effects of climate change.
Funding the response to loss and damage was landmark outcome at COP27, and the Egyptian Presidency has made plans to continue to follow up on the implementation of the Sharm El Sheikh outcomes.
The Transitional Committee Members are holding their first meeting less than a week from the release of the synthesis report of the IPCC which confirmed that losses and damages might most likely get more devastating and frequent with uneven impact on the developing countries.
Prior to the meeting, the COP27 presidency facilitated a retreat for members, also in Luxor, to allow for an open exchange of views and ideas between the members of the Committee and provide them with the most conducive environment to make progress.
The Committee comprises of 10 members from developed countries and 14 members from developing countries. Ambassador Mohamed Nasr, the COP27 Chief Negotiator will preside on the Committee, until it elects its co-chairs on 27 March.
The role of the committee during these meeting days and on the road ahead to COP28 will be to present recommendations on the following:
Institutional arrangements, modalities, structure, governance, and terms of reference for the fund;
The elements of the new funding arrangements;
Identifying and expanding sources of funding, and
Coordination and complementarity with existing funding arrangements.
The above agenda items will be informed by the current landscape of institutions that are funding activities related to addressing loss and damage, as well as the gaps within this existing landscape and the most effective, efficient, and innovative ways to find potential sources of funding.
COP27 President H.E. Sameh Shoukry
said: “In November 2022, all eyes were on Sharm El-Sheikh, awaiting then applauding the historical decision to establish a fund to respond to Loss and Damage and assist developing countries through providing new and additional financial resources.
Today, all eyes are on the transitional committee as it convenes in Luxor. There are great expectations with regards to progress towards the operationalization of the relevant fund and all the other elements that constitute the mandate of this committee,” he said.
