09 Nov Day 3 COP27
What is loss and damage?
Loss and damage normally refers to the destructive impacts of climate change that cannot be avoided either by mitigation (avoiding and reducing greenhouse gas emissions) or adaptation (adjusting to current and future climate change impacts). Arguments over finance involve funding from rich, polluting countries (generally the Global North/ Western world) needed to rescue and rebuild poorer communities ( generally LEDC) after climate disasters they have done little to cause
85 African insurers have offered to provide $14 billion dollars to help vulnerable communities.
They also want $900 million dollars from private finance to provide a subsidy.
The insurance will provide cover for floods, cyclones, and droughts.
- Nuclear is gaining increasing support in battle against climate change.
- Reaching net-zero carbon emissions will require a doubling of nuclear capacity according to the world forum annual meeting of the International Atomic Energy Agency.
Countries hit by climate change driven disasters such as flooding, hurricanes, and droughts will have an automatic right to have their debts frozen to enable them to cope with the disaster and get their infrastructure up and running again.
Any country using this “climate resilient debt” clause will be able to defer their debt payments for a maximum of two years.
This is an initiative to finance the decommissioning of coal and accelerate renewable energy in developing countries. It has been set up in partnership with Rockefeller and Bezos foundations.
World Bank Group President Malpass introduces SCALE – Scaling Climate Action by Lowering Emissions – the new partnership to catalyze transformative climate action.