Loss and damage costing and financing mechanisms: Caribbean outlook, Adelle Thomas, Inga Menke, and Olivia Serdeczny, Climate Analytics (2018) When the UNFCCC was conceived in 1991, AOSIS proposed the creation of an international pool of insurance to “compensate small islands and the most vulnerable coastal countries for loss and damage caused by sea level rise”.  The proposal would determine each country`s relative contribution to this pool by its contribution to global emissions and its relative share of world gross national product, a phrase “consistent with the 1963 Brussels Supplementary Convention on Third Party Liability in the Field of Nuclear Energy”. This proposal was rejected and, when the UNFCCC was adopted in 1992, it did not contain any reference to loss or damage.  At the same time, managing non-economic losses caused by climate change is an ongoing problem, says Harriet Thew, a postgraduate student at the University of Leeds, who focuses on loss and damage. UN climate negotiators are “not social workers,” she says in carbon, and may therefore view the subject as elusive. She says: “Loss is related to things that are lost forever and cannot be brought back, such as human lives or loss of cash, while damage is about things that are damaged, but can be repaired or restored, such as roads or embankments.” This is a decision taken during the last negotiations on the Paris Agreement at the 2015 UN Climate Change Summit, when a paragraph (paragraph 51) was added to Article 8 of the Agreement to avoid the waiver of liability. M. The group has proposed the creation of an international insurance pool, which could, for example, compensate victims of the projected sea-level rise. An intuitive understanding of loss and damage has been, at least informally, part of international political discussions since the beginning….