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Article 5 (LOSS AND DAMAGE) Option I: 1. [An international mechanism to address loss and damage is hereby defined under this Agreement/Protocol and shall be bound by the principles and provisions of the Convention, in particular common but differentiated responsibilities and respective capabilities. 2. The purpose of the mechanism shall be to promote and support the development and implementation of approaches to address loss and damage a**ociated with the adverse effects of climate change, including extreme events and slow onset events, in developing countries that are particularly vulnerable to the adverse effects of climate change. 3. The international mechanism on loss and damage shall draw upon, further develop and elaborate on the work of the Warsaw International Mechanism for Loss and Damage a**ociated with Climate Change Impacts pursuant to relevant decisions of the COP, including the development of modalities and procedures for the mechanism's operation and support. It can involve, as appropriate, existing bodies and expert groups under the Convention, as well as relevant organizations and expert bodies outside the Convention, and be informed by relevant precedents in international law. 4. The international mechanism on loss and damage shall be subject to the authority and guidance of the [governing body][CMP][CMA] and supported through the Financial Mechanism of the Convention. 5. The [governing body][CMP][CMA] shall, at its first session, establish a climate change displacement coordination facility to help coordinate efforts to address the displacement of people as a result of extreme impacts of climate change. 6. The [governing body][CMP][CMA] shall, at its first session, initiate a process to develop approaches to address irreversible and permanent damage resulting from human-induced climate change, and shall endeavour to complete this process within four years.] Option II: [No reference to loss and damage (no Article 5).]