Environmentalist advocates for mechanism to address loss, damage due to climate change

Fadina, told newsmen in Abuja on yesterday that the United Nations Framework Convention on Climate Change (UNFCCC) had raised issues regarding knowledge and understanding of loss and damage mechanism.He listed the losses as the washing away of crops, leading to poor harvest,  disease outbreak and increasing climate impacts on vulnerable regions in Nigeria.“Two years ago, […]

Fadina, told newsmen in Abuja on yesterday that the United Nations Framework Convention on Climate Change (UNFCCC) had raised issues regarding knowledge and understanding of loss and damage mechanism.
He listed the losses as the washing away of crops, leading to poor harvest,  disease outbreak and increasing climate impacts on vulnerable regions in Nigeria.
“Two years ago, we had flooding with the attendance loss in assets. Are insurance companies ready to meet up with the challenge of flooding?
“There is a knowledge gap; we need to address this and share experiences and see how Nigeria can benefit at the global level. There must be shared vision and collective will on the part of the government to make sure that we really address this basic issue.
“Although we may not bring things to the original form they were before the disaster; but over time, there will be funds at the global level to address it.’’
Fadina, who is also a Nigerian Negotiator in the United Nations System on Climate Change, said that as climate change continued unabated, economic losses from natural disasters were expected to increase.
He added that the 2012 flood experience showed that losses caused by weather-related natural catastrophes were enormous.
The expert, however, said that the path of reducing poverty and vulnerability through climate risk insurance could provide a window of opportunities for insurance companies.
“Poverty is a root cause of vulnerability as low income individuals have fewer resources to absorb extreme weather shocks. By increasing their ability to manage weather-related risks, climate risk insurance had the potential to play a significant role in contributing to social and economic well-being. It is important for us as a nation to get to the drawing board and see how Nigeria can benefit from different global climate finance opportunities.
“The negotiation is ongoing and the options can include elements such as climate risk management facility, capacity building, filling data gaps and identifying financial needs,’’ he said.
Fadina further said that the most vulnerable countries to loss and damage due to climate change should not look for one solution or fold their arms.
He said rather, they should consider various tools that could be implemented at various levels.
He said that Nigeria should invest in preparing technical papers on non-economic losses and on gaps in existing institutional arrangements globally.
“It is clear that even without taking climate change into account, disaster risk continues to increase as more people and assets are exposed to weather extreme.
“It is therefore, desirable that we embark on capacity building and involving all stakeholders in addressing the challenges and opportunities in the loss and damage.’’ (NAN)