The climate crisis and its impact is a defining issue of our time. It continues to threaten societies globally and its economic, social, and environmental impacts are a challenge for us all. The world demands a collaborative, coordinated, multilateral response that is inclusive to those countries on the frontline of climate change. The United Nations Climate Change Conference COP27 facilitated a breakthrough agreement to provide “loss and damage” funding for vulnerable countries hit hard by climate disasters they cannot avoid or adapt to. The fund aims to help governments rebuild vital infrastructure and provide social protection to help communities bridge crises and avoid the poverty spiral after climate disasters.
As mitigation efforts fall short of limiting average global temperature rise to 1.50C, and the investments in adaptation fail to prepare societies for the resulting disaster, loss and damage is an inevitable progression within climate investment funding. The burning question is whether the proposed measures will address the underlying systemic issues at the speed and scale required for the rehabilitation, recovery, and innovation in vulnerable countries. In partnership with the Climate Investment Funds (CIF) this Wilton Park dialogue will discuss how transformational is the loss and damage agenda? Has loss and damage paved the way for more sustainable development where no one is left behind? What more can be done?