With the upcoming report by UN Special Rapporteur on Climate, Dr. Ian Fry, the BIC is deeply concerned about the escalating loss and damage caused by climate change. The devastating impacts of this global crisis are already taking a toll on people's lives, livelihoods, and communities, with dire human rights implications. We emphasize the urgent need for increased attention and action to address the funding gap for climate change-induced loss and damage.
Climate change disproportionately affects developing and least developed countries, despite their minimal contributions to global warming. It is an undeniable climate injustice that vulnerable regions experienced a 15-fold increase in human mortality caused by floods, droughts, and storms between 2010 and 2020. This disparity calls for immediate action to rectify the inequitable burden these nations face.
Fernando Aguiar, BIC Senior Advisor, said: "Addressing the funding gap for climate change-induced loss and damage is of utmost importance. We strongly advocate for comprehensive and targeted funding strategies that prioritize vulnerable populations and ensure fair distribution. By providing adequate funding, we can not only facilitate recovery and rehabilitation but also enhance our future ability to adapt to the changing climate. In addition, to meet the urgent funding requirements, a mixed model of gap and catalytic funds can offer multiple financing options. This approach would provide the necessary flexibility and enable rapid transactions, fostering recovery, rehabilitation, and overall societal well-being. We must acknowledge that our window of opportunity for a climate-proof future is rapidly closing. It is therefore imperative for political leaders and decision-makers to recognize the urgency of the situation and make bold choices today. We cannot afford to delay or downplay the significance of addressing climate change-induced loss and damage."
The BIC recognizes that by prioritizing funding and exploring innovative financial models, we can mitigate the devastating consequences of climate change and pave the way towards a more sustainable and resilient future. The political choices we make today will determine the fate of generations to come.