I think it is important that we address loss and damage. It is a question of climate justice, and this is a concept that the Scottish Government have embraced for many years. The reality is that those of us in the developed part of the world—western, liberal economies—have benefited from an industrialisation process that has led to the anthropogenic climate change we are experiencing. The effects of that climate change are being felt first and hardest in developing parts of
the world that have done the least to cause climate change. Whether people use the language of reparation, loss and damage or mitigation and adaptation, the reality is that it will have to be paid for.
Climate change is a reality that people have to adapt to. As we said in last week’s debate, there are already significant population flows. The population flows that are coming to these islands are as nothing compared to what is happening with internal displacement of people in Africa and Asia. There are small island states that are simply not going to exist any more, but the people who live on them have to go and live somewhere, and that has to be paid for.
It is not necessarily helpful to get tied up in the language around how the finance is leveraged. There is absolutely a role for the private sector and private funding. I was very interested to attend, at last year’s COP, events organised by the Global Ethical Finance Initiative, which spoke about how the private sector can ethically, effectively and sustainably leverage funding that helps businesses grow and develop but that also tackles precisely these challenges.