At the United Nations Conference on Climate Change COP27 (November 2022), it was decided to create a specific fund to help developing countries respond to economic and non-economic losses and damages associated with climate change. A Transition Committee has been created in order to implement both the new financing agreements and the fund for their consideration and adoption at COP28 (December 2023). The Committee is made up of 24 members from all geographic regions, and has selected as co-chairs Richard Sherman (South Africa) and Outi Honkatukia (Finland).

The first meeting of the Committee was held recently in Luxor (Egypt) and concluded with the adoption of a work plan with a view to COP28. The workplan sets out key substantive and procedural milestones and steps to be taken towards the delivery of recommendations to COP28. It includes dates for upcoming workshops and meetings of the Transitional Committee, including a fourth meeting, which the Committee has agreed to add to its schedule of work in 2023. According to the plan, the Committee will focus on all elements of its mandated recommendations at each gathering, gradually moving towards a consensus outcome a month or so before COP28.

To support the work of the Transitional Committee, a Technical Support Unit (TSU) has been established. The TSU consists of staff seconded from UN agencies, international financial institutions, multilateral development banks, and the operating entities of the financial mechanism. Secondments have been received from the Adaptation Fund, the UN Office for Disaster Risk Reduction, the Global Environment Facility, the Green Climate Fund, the United Nations Multilateral Fund for the Implementation of the Montreal Protocol, the World Bank, UN Environment Programme, among others. The TSU is expected to provide additional technical expertise and support to the Transitional Committee, through inputs and recommendations, including from the UN Climate change secretariat.