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Egypt Hosts First Transitional Committee Meeting for Loss and Damage Funding

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.

Dare Akogun

Dare Akogun is a dynamic media innovator, strategic communication professional, and seasoned climate and environmental sustainability journalist with over 10 years of influential contributions to the media industry.

He Currently serving as the Head of Digital Media, Senior News Editor, and a presenter at Sobi FM 101.9, a leading radio station in Ilorin, Nigeria.

Dare is on a mission to leverage his media innovation expertise and project management skills to produce high-quality, accurate, and engaging content, while advocating for reduced fossil fuel consumption, especially coal, to combat effect of global warming.

He has covered comprehensively environmental issues and COP conferences, including COP28 in Dubai last year , COP 27 in Egypt, and the United Nations Least Developed Countries conference in Doha, in 2023.

He is a recipient of fellowship to be part of a 15 team of journalists selected worldwide to cover the Berlin Energy Transition Dialogue 2024.

He has a Master's Degree in Mass Communication, from the University of Lagos, a Bachelor's Degree in Journalism from the Lagos State University and also a
Certification in Business Administration and Management, from the Babson College, Massachusetts, United States of America.

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