OECD COP26 Virtual Pavilion

Losses & Damages from Climate Change – the Role of Finance

Nov 9, 2021 | 1:00 PM - 2:00 PM


Current and future losses and damages from climate change are limiting the fiscal space of many developing countries. Governments, especially in vulnerable countries, such as Least Developed Countries and Small Island Developing States are witnessing how their ability to pursue sustainable development shrinks as the climate changes. Finance, including development finance and humanitarian assistance, can help developing countries reduce and manage climate-related losses and damages through risk reduction, risk retention and risk transfer. Each label hides a variety of possible approaches. For example, can reduce risks, by promoting social protection systems and an enabling environment conducive to insurance systems that can help developing countries be more resilient to climate change. In addition, development finance providers can help improve access to international climate-related finance, both from bilateral and multilateral sources. Furthermore, governments and providers can encourage more coherent development co-operation and humanitarian activities, which also help anticipate risks and ensure government debt levels remain sustainable over time. This side-event takes stock of trends and recent progress in these areas, drawing from the recent OECD report on losses and damages from climate change.

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