It has to be read with the Report of the Executive Committee of the Warsaw International Mechanism for Loss and Damage associated with Climate Change Impacts published on 25 October 2022. The report is available at: https://unfccc.int/documents/609162
The Warsaw International Mechanism for Loss and Damage adopted at the 19th Conference of Parties (COP-19) to the United Nations Framework Convention on Climate Change (UNFCCC) in 2013 promotes the implementation of approaches to address loss and damage associated with climate change impacts. The mechanism is established under the UNFCCC to assist developing countries that are vulnerable to the adverse effects of climate crisis by enhancing knowledge and understanding of comprehensive risk management approaches to address loss and damage, strengthening dialogue, coordination, coherence and synergies among relevant stakeholders and enhancing action and support, including finance, technology and capacity-building. This is being done to implement Article 8 of the Paris Agreement adopted at COP 21 of the UNFCCC.
The Executive Committee of the Warsaw International Mechanism guides the implementation of those functions through its work plan, and with the support of thematic expert groups. The current work plan has five strategic work streams, addressing loss and damage associated with climate change impacts. In compliance with its mandate the Executive Committee has developed initiatives, such as the Fiji Clearing House for Risk Transfer that connects experts and those looking for risk transfer solutions in order to build tailor-made responses.
The recent origin of "loss and damage" can be traced in the Report of COP-13 held in Bali, Indonesia in December 2007 published in March 2008 when Kyoto Protocol signed in 1997 at COP-3 was still in force. The report is available at: https://unfccc.int/resource/docs/2007/cop13/eng/06a01.pdf
The concept of "loss and damage" is essentially modeled on 1963 Brussels Supplementary Convention on Third Party Liability from Nuclear Energy, which could not be incorporated in the text of the UNFCCC in 1992 when it was adopted and signed was signed at the United Nations Conference on Environment and Development (UNCED), the Earth Summit n Rio de Janeiro. It entered into force in 1994. The COP-1 was held in Berlin in 1995. The journey of climate law from Berlin to Sharm-El Sheikh has been incomplete without the provision for liability of some 40 rich countries for the loss and damage caused by their "dangerous interference with the climate system".
The text addressing loss and damage due to climate crisis is likely to be finalized before the conclusion of the COP-27 on 18 November.