Risk Management for Averting, Addressing and Minimizing Climate Related Loss and Damages

Several efforts are being undertaken to address Climate Change through mitigation and Climate Change Adaptation actions through international commitments, national strategies and voluntary actions. However, it has also been well established that adaptation and mitigation efforts will not be able to completely prevent the negative impact of Climate Change and some amount of residual risk remains because of both extreme weather events like floods and slow-onset events like salinization. Recently, Loss and Damage (L&D) has become an issue of high interest in academia, politics, and development cooperation and accordingly discussion and concept papers are increasingly entering and fuelling the debate, with Paris Agreement (2015), reaffirming the Warsaw International Mechanism for Loss and Damage as the main vehicle and setting the stage for more focused deliberations under the UNFCCC process. This study discusses climate risk assessment in the context of L&D, discusses the Climate Risk Management approach and its framework and lists the possible options to reduce L&D at all stages of climate risks.