The Transitional Committee on Losses and Damages began its work with a successful first session in Egypt

UN Climate Change News, 3 April 2023 - From 27 to 29 March 2023, the first meeting of the Transitional Committee on the Functioning of Financial Mechanisms and the new Loss and Damage Response Fund was held in Luxor, Egypt. The meeting ended with the adoption of a work plan towards the COP28 conference. The work plan sets out key substantive and procedural milestones and steps to be taken towards the submission of recommendations to COP28. It includes the dates of upcoming workshops and meetings of the Transitional Committee, including the fourth session, which the Committee agreed to include in its work plan in 2023. According to the plan, the Committee will focus on all elements of its mandated recommendations at each meeting and gradually move closer to reaching a consensus result about a month before COP28 conference. Opening the session, UN Climate Change Executive Secretary Simon Stiell said: "You are not here just to create a fund, but to create something much bigger: a lifeline for vulnerable people and places." He also called on the committee to "to this approached the work creatively, collaboratively and constructively so that we could respond to the mandate and rise to the challenge ahead." COP27 President Sameh Shoukry said: "Your work can have a big impact and help maintain the sense of trust and multilateral dialogue that has prevailed in Sharm el-Sheikh.” The decision to establish a special fund to help developing countries deal with economic and non-economic losses and damages related to climate change was a historic step that was agreed at last year's COP27 UN climate change conference. The Transitional Committee is responsible for operationalizing both the new funding mechanisms and the fund to be considered and adopted at this year's COP28 conference in Dubai. During last week's meeting, the transitional committee exchanged preliminary views on the purpose and scope of the new financing mechanisms and the fund. Through this discussion, members exchanged initial thoughts and asked a range of questions about what gaps currently exist in the financial structure and how the new funding mechanisms and the fund can help close those gaps.