• There is a need for international agreement on the official definition of loss and damage, with the focus on helping affected communities with resources at the right time
• At COP27, all countries agreed to put in place appropriate funding arrangements under an exclusive new fund under the UNFCCC, complementing the already existing Green Climate Fund (GCF) on an international level
• COP28 will deal with further clarifying the understanding of “financing for addressing loss and damage”, and building in flexibility for customized support to local communities.

Access article: World Resources Institute (https://www.wri.org/insights/current-state-play-financing-loss-and-damage)