Plan for the worst, it’s on the horizon financing the Warsaw Mechanisms Risk Management Strategies through the Global Environment Facility and Special Climate Change Fund

By Samuel Edge

Samuel attended the 2016 UNFCCC Conference of Parties (COP22) where he represented the Sir Walter Murdoch School of Public Policy and International Affairs supported by Mal & Karyl Nairn. Samuel is studying a Masters of Public Policy and Management.

Abstract

The 2016 Marrakech United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP) 22 will include a review of the Warsaw International Mechanism (WIM) for Loss and Damage associated with Climate Change Impacts. The talks are expected to develop a new five-year work plan, reviewing the WIM’s structure, mandate and effectiveness. However, there are many unresolved issues relating to the WIM that are not being considered as part of this review. Among these issues is the autonomy of the WIM, if it should act as an independent pillar of the UNFCCC, and if not – how it will deliver any target outcomes. This paper proposes that outcomes for the WIM, particularly the implementation and funding of risk management strategies, can be achieved through the entities of the UNFCCC’s Financial Mechanism. With losses and damages being incurred by a growing number of developing countries linked to climate change, there is a need to fund efforts against the escalating catastrophes. Specifically, this paper argues for the development of further adaptation projects by the Global Environment Facility (GEF) with funding from the Special Climate Change Fund (SCCF), specifically Catastrophic Risk Insurance in developing countries as a form of Risk Management.

Read More