UNCTAD-G77-TWN 1st Workshop for G77 country negotiators ahead of COP28

Development Priorities for a Climate-Resilient Financial System at COP28: Loss and Damage

This is the first workshop going towards COP28 co-hosted by UNCTAD, the Group of 77, and Third World Network.

The COP27 outcome made major strides in better connecting the climate regime with the broader context of global economic governance. The final text recognized that meeting climate goals “will require a transformation of the financial system and its structures and processes, engaging governments, central banks, commercial banks, institutional investors and other financial actors” (para 34, Sharm El-Sheikh Implementation Plan), making specific references to managing debt distress, reforming multilateral development banks, and scaling grant and concessional financing.

In this context, UNCTAD is organizing two workshops for developing countries climate finance negotiators working on Loss and Damage, with the objective of connecting the development, finance and climate narratives.

This first workshop will address decisions 2/CP.27 and 2/CMA.4 on the operationalization of new funding arrangements for responding to Loss and Damage in the context of financial architecture reform discussions that have moved to the forefront of multilateral forums, especially in view of the upcoming COP28.

The workshop will explore the four elements of the Transitional Committee’s mandate as agreed by the COP27 and CMA4 decisions, including considerations of:

• Institutional arrangements and governance,
• Sources of financing, with a specific focus on a comparison of innovative sources,
• The eligibility criteria for countries to access the Fund,
• How the Fund fits into broader reform needs in global economic governance.

Programme Timetable