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      A sectoral approach to the Loss and Damage fund: exploring potential applications and guiding principles

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            Abstract

            After decades-long advocacy by developing countries, the establishment of a Loss and Damage (L&D) fund during COP27 was monumental. With the fund still in its infancy, we stress the need to understand the differentiation between the types of finance that are suitable for other forms of climate action from those required for addressing loss and damage. We consider potential applications of the funding in the fields of water resources, energy, transport, human rights and human security. Our sectoral analysis allows us to identify both some of the innovative ways in which loss and damage finance could build the climate resilience of societies while also encouraging the transition to cleaner forms of energy, transport and agriculture. We also suggest that loss and damage finance should be delivered in a way that is attentive to and able to redress some of the root causes of vulnerability while also providing developing countries with the support they most need in the face of climate impacts. We offer principles that could guide a high-functioning L&D fund: contribution into the fund, consistent contributions, clarity and governance, turnaround and response times, and transparency. Providing L&D funding should entail commitments to protecting and promoting human rights, and participatory and inclusive fund governance. Ultimately, the fund will need to be reactive to climate events yet proactive in understanding affected communities’ needs so that finance allocated is not just a band-aid solution but addresses the root causes of the vulnerabilities.

            Content

            Author and article information

            Journal
            UCL Open: Environment Preprint
            UCL Press
            30 October 2023
            Affiliations
            [1 ] University College London;
            Author notes
            Author information
            https://orcid.org/0000-0002-4711-9389
            https://orcid.org/0000-0002-4635-1944
            https://orcid.org/0000-0003-4886-0061
            https://orcid.org/0000-0001-9957-3463
            https://orcid.org/0000-0002-9867-8033
            https://orcid.org/0000-0002-1086-4190
            https://orcid.org/0000-0002-1131-8263
            https://orcid.org/0000-0002-8657-6734
            Article
            10.14324/111.444/000220.v1
            f1e818b7-c619-45bb-8109-816f4d98d0fe

            This is an open access article distributed under the terms of the Creative Commons Attribution License (CC BY) 4.0 https://creativecommons.org/licenses/by/4.0/, which permits unrestricted use, distribution and reproduction in any medium, provided the original author and source are credited.

            History
            : 30 October 2023
            Funding
            Funded by: funder-id , Department of Political Science, University College London;
            Funded by: funder-id , CIFAR Fellowship in the Earth 4D: Subsurface Science and Exploration Program;
            Categories

            The data that support the findings of this study are available from https://climatedata.imf.org/datasets/b13b69ee0dde43a99c811f592af4e821/explore but restrictions apply to the availability of these data, which were used under license for the current study, and so are not publicly available. Data are however available from the authors upon reasonable request and with permission of https://climatedata.imf.org/datasets/b13b69ee0dde43a99c811f592af4e821/explore.
            Social policy & Welfare,Environmental change,Atmospheric science & Climatology
            Transport,Environmental justice and inequality/inequity,infrastructure,climate change,Climate change,climate finance,loss and damage,fund,Energy and climate,climate justice,Politics of the environment,Water resources,water resources

            Comments

            Date: 07 November 2023

            Handling Editor: Dan Osborn

            This article is a preprint article and has not been peer-reviewed. It is under consideration following submission to UCL Open: Environment for open peer review.

            2023-11-07 15:08 UTC
            +1

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