Civil Society Wants Loss and Damage Finance to be Non-Debt Creating

In a submission to the Loss and Damage Transitional Committee (TC) ahead of its second meeting on 24 May 2023 in Europe, 118 civil society organisations from across the world  said resources mobilised for the loss and damage fund must be “new, non-debt creating and additional, above and beyond any development assistance and existing financial commitments”.  The operations of the fund must also be “transparent”, falling under an independent secretariat that is hosted by a developing country with no connections to private institutions, banks, or international financial institutions. It also calls for a “comprehensive reporting system” to track the sources and contributions to the funds, as well as the distribution and use of funds.

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