[To ensure that finance aligns with the climate crisis, we need a
far-reaching mobilization plan akin to the Marshall Plan following
World War II, which helped restore economies devastated by the
conflict.]
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WE NEED A CLIMATE MARSHALL PLAN TO SPUR INVESTMENT THAT PROTECTS THE
MOST VULNERABLE  
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Isatis M. Cintron-Rodriguez
October 31, 2022
Outrider
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_ To ensure that finance aligns with the climate crisis, we need a
far-reaching mobilization plan akin to the Marshall Plan following
World War II, which helped restore economies devastated by the
conflict. _

,

 

As we know, climate risk is no longer an abstract problem for the
future. The recent Intergovernmental Panel on Climate Change (IPCC)
Sixth Assessment [[link removed]] makes
clear that climate change is a social justice crisis because it
disproportionately erodes human health, well-being, and societal
equity.

This report defines losses and damages (L&D) as the adverse observed
economic and non-economic impacts and/or projected risks presented by
the climate emergency. It highlights that critical near-term actions
to limit global warming to 1.5°C would substantially reduce projected
losses and damages related to climate change but not all of them.

Specifically, vulnerable islands
[[link removed]] are struggling with the
worst impacts of climate change. As warming water causes hurricanes to
intensify at alarming rates, the toll on humanity is real and will get
worse. There is not nearly enough to help the most vulnerable fight
the crisis they did not create.

UN Secretary-General Antonio Guterres described the IPCC report as "an
atlas of human suffering and a damning indictment of failed climate
leadership”. The report’s specific reference of loss and damage
puts an emphasis on the unavoidable harms while presenting a
significant policy shift for the IPCC.

However, this indictment didn’t come without controversy as
reports emerged
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U.S. delegates were actively trying to downplay the findings on losses
and damages requesting for the vital language to be replaced with
“adverse impacts”, sending a clear signal of the U.S.’
regrettable position on the matter.

Why a climate change Marshall Plan? 

We must set a new needs-based climate finance goal as a result of a
comprehensive, participative, and transparent process. There is a need
to “accelerate the delivery of existing funding mechanisms and also
new initiatives such as a climate finance facility for Loss and
Damage.” said Quamrul Chowdury, a lead LDC negotiator at COP26.
“We must raise our ambitions and climate finance, we need a Marshall
Plan for the betterment of institutions and rebuilding economies”. 

The concept of developing countries demanding funding for loss and
damage is not new. “Countries representing the vast majority of
humanity have been pleading for a new funding mechanism for L&D”
said Teresa Anderson from Action Aid International. 

Disappointingly, wealthy countries have consistently blocked these
demands due to concerns about opening themselves up to legal liability
and extensive compensation claims. Specifically, climate envoy John
Kerry said a focus on L&D “could delay our ability to do the most
important thing of all, which is to achieve mitigation sufficient to
reduce the level of adaptation.” This patently ignores the IPCC
report that makes clear the stark reality that not even widescale
climate adaptation practices can prevent all losses and damages faced
by developing nations.

A climate Marshall Plan would help ensure long-term and sustainable
finance to meet the climate mitigation, adaptation, and L&D needs of
the most vulnerable. However, only 5% of international climate finance
is directed to adaptation which these frontline populations need
desperately. In order to protect these countries we need to correct
this glaring imbalance between mitigation, adaptation and L&D. 

What has been accomplished so far? 

There is some good news, at COP26, countries established objectives
for the L&D Network (SNLD) to catalyze technical assistance for
vulnerable countries.  

 Some of SNLD key functions include:

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Facilitate and catalyze demand-driven technical assistance for
developing countries.

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Enable access to information and knowledge exchange on averting,
minimizing, and addressing L&D, including risk management. 

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Actively connect and catalyze collaboration, coordination, coherence,
and delivery of the best-suited technical assistance to those in
need. 

Even though there was an agreement to fund and advance this network
the question of finance still remains. At COP26 developing countries
called for the establishment of an L&D Finance Facility which was met
with resistance from developed countries. Instead, COP26 merely
established a two-year discussion platform
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What's next for climate finance? 

An assessment of the developing countries' needs, published at COP26,
made it clear that the unmet
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billion annual goal falls woefully short
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addressing current climate change adaptation and risk reduction, let
alone their L&D needs. Currently, Least Developed Countries and Small
Island Developing States represent 14% and 2% of international climate
funding despite been shown that developing countries would need $5.9
trillion through the year 2030 to deploy their climate action
strategies, according to the UNFCCC Standing Committee on Finance
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Meaning that there is not nearly enough to help countries fight the
climate emergency that they did not create. 

In addition to fulfilling the $100 billion climate commitment, we need
to include L&D in the new and scaled-up goals on adaptation and
climate finance. By including L&D in the Global Goal on Adaptation and
a new quantified climate finance goal, we can help meet the minimum
funding needs. In addition, we could fulfill the already determined
funding commitments by operationalizing the SNLD, establishing a
financing mechanism through inclusive dialogue, and agreeing to help
nations' climate change loss and damage. 

Pre-COP26, some countries promised to deliver $500bn by 2025
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However, the U.S and other countries are skeptical that countries can
reach that goal because they still have not met the existing $100
billion goal. Last year, the US committed to delivering $11.4 billion
per year by 2024 but managed to approve only $1 billion
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To be credible climate leaders, the U.S. and other countries should
put their money where their mouth is.

Climate finance is a vehicle to ensure no one is left behind. When
setting and advancing finance mechanisms we need to promote justice by
improving access to aid while reducing the dependence on climate
finance loans. Poorer countries spend five times more
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debt than on climate action so they are paying to dig out of a hole
they did not create.

We need to create opportunities and equitable climate finance
instruments that reduce the financial burden and climate risks for
vulnerable countries at the same time through grants and debt relief.
It remains to be seen if the world can deliver an L&D funding solution
and appropriate climate financing for everyone at COP27 in Egypt. 

_Isatis Cintron-Rodriguez is the Latin America Coordinator at Citizens
Climate International._

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