{"id":544289,"date":"2022-02-23T13:47:16","date_gmt":"2022-02-23T13:47:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/whos-responsible-for-loss-and-damage-compensation-from-climate-change\/"},"modified":"2022-02-23T13:47:16","modified_gmt":"2022-02-23T13:47:16","slug":"whos-responsible-for-loss-and-damage-compensation-from-climate-change","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/whos-responsible-for-loss-and-damage-compensation-from-climate-change\/","title":{"rendered":"Who\u2019s responsible for loss and damage compensation from climate change?"},"content":{"rendered":"

<\/a> Climate loss and damage compensation is at the forefront of the conversation on<\/strong> COP27 again<\/strong>, with climate groups criticizing US Presidential Climate Envoy John Kerry for failing to address the issue during his visit to Egypt this week, the Financial Times<\/a> reports.<\/p>\n

Damage compensation has been a contentious point in the conversation on climate change for decades.<\/strong> The push to address the loss and damages sustained by the global south as a result of climate change \u2014 much of which was caused by advanced economies\u2019 rapid industrialization and ensuing mass emissions \u2014 first began in the 1990s. The Alliance of Small Island States proposed (pdf)<\/a> setting up a fund that would see developed industrialized countries compensate \u201clow-lying developing countries\u201d for future damages caused by rising sea levels and allow these affected nations to rebuild their communities. It wasn\u2019t until the 2007 Bali Action Plan<\/a>, however, that the concept of loss and damages was formally included in a UN resolution, according to Carbon Brief<\/a>.<\/p>\n

In the years since, there has been little headway on providing financing through an institutionalized channel<\/strong> specifically for loss and damage compensation, with much of the conversation focused instead on future climate disaster mitigation and the general green transition, NPR<\/a> notes. Last year\u2019s COP26 in Glasgow saw a concerted effort from developing countries \u2014 representing the vast majority of the world\u2019s nations \u2014 to create a financing mechanism to support the recovery from climate disasters, Reuters<\/a> reported. The push ended up largely falling flat, with the proposal eventually being turned down by developed countries who would be required to pony up the funding.<\/p>\n

Part of the problem:<\/strong> Assuming retroactive liability and responsibility for the damage that\u2019s already been done. The 2013 Warsaw International Mechanism on Loss and Damage (pdf)<\/a> was a significant step forward for the issue by acknowledging that \u201closs and damage associated with the adverse effects of climate change includes, and in some cases involves more than, that which can be reduced by adaptation,\u201d but, critically, it fell short of determining who should be held responsible for these losses and damages.<\/p>\n

It doesn\u2019t look like this direction will change anytime soon:<\/strong> In a speech in Cairo earlier this week following the launch of the Egypt-US climate working group<\/a> ahead of COP27, Kerry spoke of a necessity for national commitments to curb climate change, only mentioning briefly the issue of loss and damage. The climate envoy suggested that focusing on retroactive compensations \u201ccould delay our ability to do the most important thing of all, which is [to] achieve mitigation sufficient to reduce the level of adaptation.\u201d<\/p>\n

Climate advocates are not happy:<\/strong> \u201cLoss and damage is beyond adaptation,\u201d and is a critical component of the conversation about climate mitigation, as it\u2019s a \u201cclimate justice issue, said Tasneem Essop, executive director of Climate Action Network, at a briefing on Africa\u2019s agenda for COP27 on Monday.<\/p>\n

But while the issue was not of much importance for Kerry, it was for President Abdel Fattah El Sisi<\/strong>, who said this week that Egypt will work<\/a> to ensure developing countries get the funding they need from developed countries to fight climate change. El Sisi has been outspoken<\/a> about prioritizing finance for Africa\u2019s green transition, which Bloomberg says<\/a> will be a key theme for this year\u2019s summit.<\/p>\n

Possibly lending a helping hand to Africa to fund climate mitigation: The continent\u2019s first Green Exchange: <\/strong>Two fintech entrepreneurs are setting up the first exchange dedicated to green bonds in Africa, to address the continent\u2019s need for financing climate change projects, Bloomberg<\/a> reports. The Green Exchange \u2014 based in Ghana\u2019s Accra \u2014 will provide the tools needed for companies to issue green bonds and will help investors trade them in a secondary market. The founders aim to raise USD 5 bn from African green bond sales over five years, to fund sustainable projects such as EV charging stations, solar panel installations, and sustainable housing. Global green bond investments are expected to reach USD 1 tnin 2022 alone<\/a>; however, the African market contributes a mere 0.4%<\/a> of the global market share by value.<\/p>\n

Egypt pioneered the use of green bonds in MENA<\/strong>, taking the region\u2019s first sovereign green bond issuance<\/a> to market in 2020, raising USD 750 mn from investors to channel into green projects. CIB also issued<\/a> Egypt\u2019s first-ever corporate green bond last year, raising USD 100 mn in a five-year, fixed-rate offering.<\/p>\n","protected":false},"excerpt":{"rendered":"

Climate loss and damage compensation is at the forefront of the conversation on COP27 again, with climate groups criticizing US Presidential Climate Envoy John Kerry for failing to address the issue during his visit to Egypt this week, the Financial Times reports. Damage compensation has been a contentious point in the conversation on climate change […]<\/p>\n","protected":false},"author":1,"featured_media":544290,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7545],"tags":[7286,147,1204,228,633,246],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate","tag-climate","tag-climate-change","tag-climate-loss-and-damage-compensation","tag-cop27","tag-enterprisepm","tag-green-economy","wpautop","entry"],"acf":{"mongo_id":"962f6e69-864e-4f6d-8485-76935f1d0a2b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/543.jpg","photo_position":"above","related_issue":[544280],"teaser":"","voice_url":""},"yoast_head":"\nWho\u2019s responsible for loss and damage compensation from climate change? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/whos-responsible-for-loss-and-damage-compensation-from-climate-change\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Who\u2019s responsible for loss and damage compensation from climate change?\" \/>\n<meta property=\"og:description\" content=\"Climate loss and damage compensation is at the forefront of the conversation on COP27 again, with climate groups criticizing US Presidential Climate Envoy John Kerry for failing to address the issue during his visit to Egypt this week, the Financial Times reports. 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for the first time at COP27: A \u201cbreakthrough\u201d agreement allowing diplomats to officially debate for the first time who should pay for damage sustained by the countries most vulnerable to climate change was announced on the first day of COP27 yesterday.High drama: The\u2026","rel":"","context":"In "COP WATCH"","block_context":{"text":"COP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/cop-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/105.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579543,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/what-startupland-is-hoping-to-get-out-of-cop27\/","url_meta":{"origin":544289,"position":1},"title":"What StartupLand is hoping to get out of COP27","author":"enterpriseam admin","date":"6 November 2022","format":false,"excerpt":"What StartupLand is hoping to get out of COP27: All eyes are on Sharm El Sheikh today as we kick off COP27, with the broader focus being on how countries will be able to set aside their differences and challenges to follow up on pledges from last year\u2019s Glasgow-hosted COP26.\u2026","rel":"","context":"In "STARTUPS"","block_context":{"text":"STARTUPS","link":"https:\/\/enterpriseam.com\/egypt\/category\/startups\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/594.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577056,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/08\/somber-warnings-as-world-leaders-summit-kicks-off-at-cop27\/","url_meta":{"origin":544289,"position":2},"title":"Somber warnings as world leaders\u2019 summit kicks off at COP27","author":"enterpriseam admin","date":"8 November 2022","format":false,"excerpt":"COP27 got underway yesterday, with more pressing calls to action to prevent \u201cclimate catastrophe\u201d: World leaders struck a serious and somber note with warnings of \u201cirreversible\u201d climate chaos and calls for cooperation and shared responsibility on the first day of the COP27 leaders\u2019 summit yesterday. Inaugurating the conference, President Abdel\u2026","rel":"","context":"In "COP WATCH"","block_context":{"text":"COP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/cop-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/124.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577372,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/21\/landmark-loss-and-damage-pact-is-the-centerpiece-of-cop27-for-emerging-markets\/","url_meta":{"origin":544289,"position":3},"title":"Landmark loss and damage pact is the centerpiece of COP27 for emerging markets","author":"enterpriseam admin","date":"21 November 2022","format":false,"excerpt":"Delegates from nearly 200 countries left COP27 yesterday with a landmark agreement to create a loss and damage fund to help vulnerable countries cope with climate disasters triggered by richer countries\u2019 emissions, the COP27 presidency said in a statement (pdf). The agreement came after a long stretch of tense negotiations\u2026","rel":"","context":"In "COP WATCH"","block_context":{"text":"COP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/cop-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/314.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547970,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/20\/shoukry-calls-for-compromise-at-climate-talks\/","url_meta":{"origin":544289,"position":4},"title":"Shoukry calls for compromise at climate talks","author":"enterpriseam admin","date":"20 July 2022","format":false,"excerpt":"Climate change negotiations need not be a \u201czero-sum game\u201d between developing and developed countries, Foreign Minister Sameh Shoukry said yesterday, calling on governments to compromise at the upcoming COP27 summit in November. The current heatwave in Europe is \u201ca testament to the necessity of all of us moving together,\u201d Shoukry\u2026","rel":"","context":"In "Diplomacy"","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":579783,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/cop-makes-strides-on-loss-and-damage-but-disappoints-developed-nations-on-mitigation\/","url_meta":{"origin":544289,"position":5},"title":"COP makes strides on loss and damage \u2014 but disappoints developed nations on mitigation","author":"enterpriseam admin","date":"20 November 2022","format":false,"excerpt":"Good afternoon, wonderful people. We are delighted to say this afternoon that COP27 is officially over, after delegates stayed up through the night and into the morning to finalize an agreement. The pact has good news for EMs on loss and damage but is getting mixed coverage in the international\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544289"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544289\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/544280"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/544290"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544289"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544289"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}