Finance Day at COP27: Loss and Damage is on the Agenda

negotiators in a plenary room discussing

Sharm el-Sheikh, Egypt

David Casimir | 27 November 2022

After much debate, the issue of loss and damage has been added to the agenda at COP27. On the summit's Finance Day, experts and negotiators discussed the importance of the climate finance ecosystem, innovative financial instruments and other tools.

Financing is now unanimously recognized as a catalyst for progress on all aspects of the global climate agenda and many parties have demonstrated their political will to deliver on their financial commitments. Among the topics discussed on COP27's Finance Day, 9 November, were aspects of the climate finance ecosystem, including innovative and blended finance and financial instruments, tools and policies that have the potential to improve access, scale up financing and contribute to the envisioned and necessary transition, including those related to debt-for-environment swaps.

The COP27 Presidency yesterday also launched the Sharm El-Sheikh Adaptation Program, in partnership with the UN High-Level Climate Change Champions and the Marrakech Partnership. The program aims, among other things, to mobilize the US$140-300 billion needed from public and private sources. While everyone is unanimous on the need to finance projects, where the money will come from still divides the room. The AOSIS bloc, the association of small island states, is stepping up its negotiations to make its voice heard.

This is a summary. Watch the full broadcast in French:

This story was produced as part of the 2022 Climate Change Media Partnership, a journalism fellowship organized by Internews' Earth Journalism Network and the Stanley Center for Peace and Security. It was first broadcast in French by Mauritius Broadcasting Corporation on 10 November 2022 and has been lightly edited for length and clarity.

Banner image: Negotiators from Zimbabwe and Eswatini during an Article 6 negotiating session at COP27 / Credit: Kiara Worth/UNFCCC.