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Vulnerable nations set to pilot loss and damage funding facility
(Climate Home News, 25 Apr 2022) A coalition of vulnerable countries is getting to work to develop an international funding mechanism for victims of climate disasters.
Finance ministers of the V20 group of vulnerable nations, a coalition of 48 developing countries, have agreed to design and test a funding facility to address the losses and damages of lives, livelihoods and infrastructure caused by climate impacts. They will use resources from a joint V20-Climate Vulnerable Forum fund.
In a communique, the groups said “growing loss and damage due to insufficient adaptation responses” and a gaping hole in climate protecting finance was “fast emerging and major macroeconomic concern for the V20”.
In the absence of international support to help communities recover from climate disasters, the facility aims to practically demonstrate why it is needed and how it can help affected communities.
The Children’s Investment Fund Foundation and the Open Society Foundation have respectively committed $1m and $500,000 towards the facility and the group is seeking further donations, including from G7 and G20 countries.
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Climate Home News, 25 Apr 2022: Vulnerable nations set to pilot loss and damage funding facility
