European Capacity Building Initiative

New Policy Paper Discusses Innovative Funding Sources and Response Tools for Loss and Damage

ecbi has published a policy paper, which argues that innovative funding sources and response tools are needed to address loss and damage. Even as the new loss and damage fund is operationalised and contributions are being pledged at COP 28 in Dubai, the road ahead is still long for funding to get to those who need it most. That is why alternative funding arrangements and response tools that can be implemented more quickly and effectively are also necessary. This paper provides some proposals for consideration and examples that can be used as models going forward. On innovative funding sources, the paper highlights, as possible funding avenues, inter alia: international air travel/aviation solidarity levies, and solidarity offset premiums and/or share of proceeds from the Voluntary Carbon Market. A sampling of innovative response tools to respond to both economic and non-economic loss and damage and rapid and slow onset events are also presented—from insurance and risk transfer options to those that address mental health and cultural loss.

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