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Former Senior Climate Change Specialist, Sustainable Development and Climate Change Department, Asian Development Bank
Xianfu Lu was ADB’s focal point for climate change adaptation until April 2019. Prior to joining ADB, she worked at UNDP’s Global Environmental Facility Unit and at the Secretariat of the UN Framework Convention on Climate Change. Trained as an applied meteorologist, she spent the first 10 years of her career researching climate scenarios and their use in climate change impacts and vulnerability assessments in different parts of the world.
Several national and regional initiatives address the risks of loss and damage associated with climate change impacts.
Countries need to build capacity and develop financial solutions for different climate risks, including those that can better address slow-onset events.
Contingency finance is a risk retention approach for addressing loss and damage associated with climate change impacts.
The lack of a dedicated financial mechanism to address climate-related loss and damage underscores the need for innovative ways to address this funding gap.
A financial instrument to help governments finance disaster relief and post-disaster reconstruction without over-stressing their fiscal budgets
Various financial schemes have been developed to cover some of the risks of loss and damage associated with climate change impacts.
Risk reduction, retention, and transfer are risk management approaches that can be used to address loss and damage associated with climate change impacts.
Work has just started in defining and addressing the loss and damage from climate change that cannot be prevented by mitigation and adaptation efforts.