The standout achievement of the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change, or COP 27, climate negotiations in November was the announcement of a “loss and damage” fund, which will financially help countries vulnerable to climate change disasters. But negotiations of the fund’s details are riddled with political difficulties, which could trouble future discussions.
Paying for the harmful impacts of climate change is extraordinarily expensive, as shown by the $30 billion price tag for this year’s flooding in Pakistan, and fraught with contentious questions around historical responsibility.
Separate from the much-vaunted COP 27 loss and damage fund, The Global Shield against Climate Risks is a disaster risk financing initiative that it is hoped could break some of the deadlocks around loss and damage funding.