Sustainable World - Air Quality Asia Announces Formation of the Expert Advisory Group to Develop Loss & Damage Finance Mechanism [LDFM©]

Sustainable World Inc. and its program Air Quality Asia [SW-AQA] announces the formation of the Expert Advisory Group [EAG] to develop the Loss & Damage Finance Mechanism [LDFM©]. The LDFM© aims to accelerate funding for Loss & Damage in climate-vulnerable nations through Parliamentary Finance Committees and private capital markets in developed countries.

SW-AQA presented its initial report on Loss & Damage at the Parliamentary Conference at the 2022 United Nations COP27 climate conference in Egypt. The report was then discussed with the V-20 vulnerable nations group and World Bank climate finance experts Spring 2023.

Governments alone have only 10-15% of the trillions needed to address past and future climate damages on economies and communities. Filling this funding gap requires new financial mechanisms that leverage the monetary power of the MDBs to accelerate private market capital to the climate finance sector

Governments and corporations in developed countries have an obligation to contribute funds to Loss & Damage for vulnerable nations. A recent study finds that the emissions from multiple oil majors alone between 1988-2015 have caused $50-200B of cumulative global economic damage by 2020.

The EAG is composed of climate finance experts from V20 vulnerable nations and like-minded developing countries. Dr. Viral Acharya states:

I am honored to contribute to AQA’s initiative, leveraging my academic work on Climate Stress Testing and Corporate Mitigation of Physical Climate Risks, to help develop pragmatic and effective solutions that can scale up private sector investment in climate finance for countries most vulnerable to climate change.

Joining him on the EAG is M. Hassan Agouzoul:

I am delighted to share my expertise in the design and financing of Net Zero, resilient and inclusive transition policies for governments, businesses and local authorities while aiming to achieve the 17 SDGs.

Sustainable World Inc, and its program AirQualityAsia [SW-AQA] is an Observer at the UN Environment Programme [UNEP], a civil society panelist and attendee at the World Bank, and Associate with the UN Department of Global Communications. Since 2017, SW-AQA has worked on Health and Economic Impacts of Air Pollution and Climate Change with legislators and governments in South and South-East Asia.

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