MCII contributed to the UNFCCC process on defining the role of the Santiago Network on Loss & Damage. The Santiago Network was one of the substantial outcomes of the Climate Summit in Glasgow at the end of 2021. Its purpose is to facilitate technical assistance to developing countries on aspects related to Loss and Damage (L&D) from climate change. Further details are now elaborated to fully operationalize the Santiago Network at COP 27 scheduled in November in Egypt.
To substantiate MCIIs position, stakeholder and MCII member consultations were conducted detailing the purpose, functions and details of the Santiago Network. MCII members concluded that a successful Santiago Network will need to be purpose-driven and embedded within a broader vision towards transforming national and international systems to be equipped against the challenges of loss and damage. Countries should learn from risk and contingency management in the private sector when providing protection to vulnerable populations.
The recent IPCC WG 2 report confirms a lack of financial, institutional and governance arrangements to adequately address L&D. Chief Risk Officers (CROs) have been leading comprehensive enterprise risk management from inside of the top management board – this concept should inspire the public sector to systematically strengthen national L&D leadership, MCII’s members concluded. The Chief Risk Officer for Climate Risks and Impact Management would establish a culture of risk information sharing and be the leader and focal point to act on climate risks and impacts that materialize in a country. Tasks of the CRO thus include risk policy creation, impact leadership, risk analytics oversight, reporting and communication to national and international audiences, as well as risk finance management. The Santiago Network would work to capacitate and provide thematic support to these enhanced L&D focal points.
The next step is a technical workshop organized by the UNFCCC secretariat. Intergovernmental negotiations will resume at the climate intersessional meeting in June in Bonn, Germany, with a view to prepare the decisions for the climate summit at the end of 2022 in Egypt. MCII’s input, as well as other countries’ and observer’s submissions, can be accessed here.