Wednesday, December 4, 2019

Demands at COP25: Effectively address loss and damage and climate-induced migrations

 The world cannot expect poor people and poor countries to pay insurance premiums for a problem they did not create. Action to address loss and damage from climate change is an independent pillar of the Paris Agreement (Article 8). Roughly a quarter of NDCs include loss and damage, and 44% of small island developing states (SIDS) refer to loss and damage in their NDCs. COP25 must accelerate and enhance the work on loss and damage, taking into account the needs of the most affected, including climate migrants. L&D finance needs to be scaled up according to common but differentiated responsibilities, historical responsibilities and respective capabilities and be channeled to the communities most affected, including women. This includes via innovative sources of finance to build a fund to specifically address loss and damage (e.g.: fossil fuel extraction levy, bunkers levy, financial transaction tax, aviation levy) that can generate significant finance independent of government budgets. Disaster risk insurance has a role to play in loss and damage and can offer benefits for dealing with extreme events, but it is limited due to the prevailing system in which SIDS, LDCs and other climate frontline states will have to pay the premiums. Insurance is also of limited value when it comes to slow onset impacts, and when disasters become so frequent that they are uninsurable.

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