471. A climate loss and damage fund that works
- Author:
- Melanie Pill and Georgia Hammersley
- Publication Date:
- 09-2024
- Content Type:
- Policy Brief
- Institution:
- Lowy Institute for International Policy
- Abstract:
- The new Fund for responding to Loss and Damage should adopt a clear allocation mechanism based on recipient countries’ vulnerability, emission contributions, and climate change policies. Loss and Damage solutions are unlikely to result in clear financial returns, and the Fund should therefore focus on providing fast and efficient grant-based finance to the most vulnerable countries. Simplified procedures for countries and organisations to access financing and a flexible suite of implementation approaches are key. To raise more financial support, the Fund should explore the potential for engagement with philanthropies and encourage donor countries to adopt voluntary market mechanisms such as levies to raise additional funds.
- Topic:
- Climate Change, Climate Finance, and Loss and Damage (L&D)
- Political Geography:
- Global Focus