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and Damage Finance Facility

Glasgow Dialogue needs to deliver on Loss
and Damage Finance Facility

1 min read

What is Loss and Damage finance?

With a 1 degree increase in temperature above pre-industrial levels, climate change is already causing mayhem in different parts of the world. The term Loss and Damage (capitalised letters) refers to the political debate under the United Nations Framework Convention on Climate Change (UNFCCC) following the establishment of the Warsaw Mechanism for Loss and Damage in 2013, which is to ‘address loss and damage associated with impacts of climate change, including extreme events and slow onset events, in developing countries that are particularly vulnerable to the adverse effects of climate change.’ Lowercase letters (losses and damages) have been taken to refer broadly to harm from (observed) impacts and (projected) risks and can be economic or noneconomic (IPCC, 2018). Poor and vulnerable countries and communities being the least responsible for climate change with the lowest carbon footprints are already facing the majority of its negative impacts, in the form of both extreme weather events like hurricanes, and floods and slow onset processes such as sea-level rise.

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