THE COST OF DELAY Why finance to address Loss and Damage must be agreed at COP27

Despite 31 years of pressure, 26 COPs and multiple workshops and dialogues, no dedicated finance to help people deal with the aftermath of climate impacts – also known as ‘finance to address Loss and Damage’ – has been delivered under the United Nations Framework Convention on Climate Change (UNFCCC). Such finance would have made a significant difference to the lives of people on the frontlines of climate-fuelled events, reducing climate-induced poverty and freeing up national budgets. In this briefing, we show how the countries which are historically responsible for the majority of emissions have repeatedly delayed progress on securing Loss and Damage finance while emissions and fossil fuel profits have risen, and how the costs of delay manifest themselves in developing countries and communities bearing the brunt of the climate crisis.