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COP27 Day 1: 'Loss and Damage' Finance Agenda Adopted, What Does It Mean?

'Loss and Damage' is the economic and non-economic impacts of climate change.

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Climate Change
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As COP27 (Conference of Parties on Climate Change) kicked off on Sunday, 6 November, in Egypt's Sharm El-Sheikh, 'Loss and Damage' funding was officially included in the agenda. What does that mean? We explain.

What is 'Loss and Damage'? The term 'Loss and Damage' refers to the economic and non-economic impacts of climate change, including extreme events and slow onset events, in countries that are particularly vulnerable to the adverse effects of climate change.

"The inclusion of loss and damage finance in the agenda for COP27 has renewed the fight for justice for communities losing their homes, crops, and income. Rich countries, historically responsible for the climate crisis, have bullied poorer nations to protect polluters from paying up for climate damages, while disregarding the concerns of vulnerable people and countries," Harjeet Singh, head of global political strategy at Climate Action Network International told The Quint.

"COP27 must agree to establish a Loss and Damage Finance Facility to help people recover from the impacts of climate crisis, such as intensifying floods, droughts and rising seas," he added.

What is the origin of this term? 'Loss and Damage' was brought up as a demand in 1991 by the island country of Vanuatu, which was representing the Alliance of Small Island States (AOSIS). Thirty-one years and 26 COPs later, this demand has still not been realised.

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What is 'Loss and Damage' in International Climate Negotiations? In internatioal policy, it refers to international efforts to "avert, minimise and address loss and damage associated with climate change impacts, especially in developing countries that are particularly vulnerable to the adverse effects of climate change," according to a defintion provided by United Nations Framework Convention on Climate Change (UNFCCC).

How is climate change related to 'Loss and Damage'? Anthropogenic climate change, or human-induced climate change, makes climate-related changes more frequent and severe. For instance, emissions from fossil fuels are one of the largest contributors to climate change.

Where does India fit in? India has stated that "Loss and damage" due to climate change will be a major topic for its discussions at COP27, Union Environment Minister Bhupender Yadav had said in September ealier this year.

What are India's commitments? According to the updated Nationally Determined Contributions (NDCs), India is committed to reducing the emissions intensity of its Gross Domestic Product by 45 per cent by the year 2030, from the 2005 level. Additionally, India is also committed to achieving 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.

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Topics:  Climate Change   COP 27   Cop27 Summit 2022 

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