This chapter surveys the historic process that is gradually leading to the belated integration of loss and damage finance into the United Nations Framework on Climate Change (UNFCCC)'s financial architecture, emphasizing the equity concerns with the pace and the sequencing of this integration. The chapter examines the prospects and the limitations of this integration in removing (or alleviating) the significant financial burden that particularly vulnerable developing countries are currently shouldering. In order to do so, the chapter places the evolution of loss and damage finance in the broader context of the arrested development of the climate finance mechanisms under the Convention and examines which aspects of loss and damage finance have been prioritised under the UNFCCC since 2013 from an equity lens. The chapter concludes that while the expected full integration of loss and damage into the Convention's institutional architecture is highly warranted from both equity and normative standpoints, it will cover only a limited fraction of the growing loss and damage costs incurred by particularly vulnerable developing countries. For this reason, the integration of loss and damage finance into the UNFCCC must be coupled with efforts to: a) coordinate financial mechanisms outside the UNFCCC that are currently channelling the bulk of existing climate finance flows for loss and damage; b) increase the amount of loss and damage finance flowing through UNFCCC channels; c) to achieve breakthroughs on innovative sources of loss and damage finance.
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