Compensation for Loss and Damage Resulting From Climate Change: A Law and Economics Perspective

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Abstract: There is an increasing awareness in the international community that a lot of losses may arise as a result of climate change. That has led to the creation of a so-called loss and damage fund . But important questions still arise with respect to the contributions to the fund as well as with respect to the compensation provided and the administration of the fund .

In the lecture, it will be argued that there is an important law and economics scholarship that deals with the question how compensation to victims of natural disasters can be provided in an efficient manner, still providing incentives for prevention. That literature focuses strongly of natural disasters, such as flooding and hurricanes. But to an important extent, the lessons from that literature can also be applied to the loss and damage caused by climate change.

As result in the lecture, it will be argued that law and economics has  important lessons for the creation of an international fund, dealing with loss and damage resulting from climate change.

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