Mohieldin: Loss, Damage Fund Launched during COP27 Can Help Bearing Burdens of Climate Change

Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, said that The Loss and Damage Fund, launched during COP27 in Sharm El Sheikh, represents an opportunity to strike a balance and justice between countries and communities in shouldering the burdens of climate change, which is currently unequal, adding that it is unacceptable that people who have least caused these crises to be suffering the most.

This came during his participation in the session of “Second Glasgow Dialogue on Loss and Damage” within the events of Bonn Climate Conference, with the participation of Nabeel Munir, Chair of the SBI, Simon Stiell, UNFCCC Executive Secretary, and Frode Neergaard, Co-chair of Warsaw International Mechanism for Loss and Damage ExCom.

Mohieldin stated that COP27 concluded on a historic high note, with the agreement to establish Loss and Damage Fund to offer financial support to vulnerable countries suffering the worst effects of global warming.

“In March, the COP27 presidency held the first Transitional Committee meeting in Luxor, to address the operationalization of the fund. 

The composition of the committee ensured a diverse range of voices, and complex issues were discussed in a constructive spirit of cooperation. 

The meeting concluded with the adoption of a work plan containing substantive and procedural milestones to deliver actionable recommendations well in advance of COP28.” Mohieldin said.

He added that the fund, backed by a broad range of government, civil-society, and private-sector stakeholders, is designed to consider the short-, medium-, and long-term effects of climate change on developing countries, explaining that the fund will supply financial and technological resources for responding to loss and damage caused by climate change, including early-warning systems, disaster-risk reduction, and ecosystem restoration.

Mohieldin presented some facts and figures related to the losses and damage caused by climate change in 2022, stressing that this huge losses requires immediate action and therefore adequate, fair and more effective funding.

He said that dealing with the loss and damage of climate change must be borne by both state and non-state actors, stressing the need for all parties to contribute to mobilizing financ, implementing solutions, and fully cooperating to achieve the objectives of the Transition Committee and making a significant change in the communities most affected by global warming.

Mohieldin noted that the HLCs Team is working to enhance the participation of NSA including private sector, businesses, investment entities, cities and regions in the work related to the Loss and Damage Fund, as well as cooperating with various partners to establish a digital platform that brings together solutions and projects related to loss and damage of climate change in one place.

The climate champion said that the Nairobi Declaration on Sustainable Insurance, issued during COP27, contributes to protecting the communities most affected by climate change.

Mohieldin concluded his speech by stressing that reducing the loss and damage caused by climate change requires bringing together all efforts of state and non-state actors to provide financing and technical support for vulnerable countries, especially the developing ones.