Climate justice needs quicker compensation, Pg10

Key Highlights:

• Nepal received $21.6 million from the Fund for Loss and Damage (FLD) following devastating floods.
• This marks the first grant from the FLD to a disaster-affected nation, nearly two months after the event.
• Nepal, contributing only 0.1% of global emissions, invoked climate justice in its application due to its high vulnerability.
• The floods resulted in over 1,400 deaths, widespread village destruction, and damage to 10% of hydropower facilities.
• Nepal's recovery and reconstruction needs are estimated at $5 billion, significantly exceeding the allocated grant.

FLD for Nepal.jpg

Detailed Insights:

• The FLD was established at UNFCCC's COP27 in 2022 and became operational a year later, following a three-decade campaign by climate-vulnerable nations.
• It operates on the principle of climate compensation, distinguishing it from traditional humanitarian assistance.
• Nepal's emergency application faced bureaucratic hurdles, as 119 countries already had claims awaiting approval.
• The allocation to Nepal was treated as an exception, not intended to set a precedent for a permanent rapid-response mechanism.
• Delays in grant disbursement can exacerbate hardships, slow down the restoration of essential services, and increase rebuilding costs.
• The FLD has received pledges totaling $822 million, which is approximately one-third of the claims currently pending before it.
• Compensation for countries most affected by global warming will be a key agenda item at COP31, scheduled to begin on November 9 in Antalya, Turkey.

Key Concepts Involved:

• Fund for Loss and Damage (FLD): A financial mechanism under the UNFCCC designed to assist developing countries in addressing the irreversible impacts of climate change.
• Climate Justice: The principle advocating that those least responsible for climate change should not disproportionately bear its adverse consequences.
• COP27: The 27th Conference of the Parties to the UNFCCC, held in Sharm El Sheikh, Egypt, where the FLD was formally established.
• COP31: The 31st Conference of the Parties to the UNFCCC, scheduled to take place in Antalya, Turkey, in November.