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Source: The post is based on the article “Loss and Damage Fund cleared on Day One of COP-28 summit” published in “The Hindu” on 1st December 2023
Why in the News?
At the 28th Conference of Parties (COP28) being held in Dubai, countries have agreed to operationalise the Loss and Damage(L&D) Fund.
What is a Loss and Damage(L&D) Fund?
| Specifications | Details |
| What is it | It is a fund created to provide financial assistance to nations most vulnerable and impacted by the effects of climate change. |
| Hosted by | The World Bank will be the interim host of the fund for a period of four years. |
| Funding | All countries can contribute to the fund voluntarily.Countries have already committed at least $450 million for the fund. |
| Eligibility to get funding | 1)All developing countries are eligible to apply for the fund. 2)A certain percentage of the fund has been set apart for Least Developed Countries and Small island developing states. |
| Criticism | There is no clear plan on how the money will be added to the fund regularly.This raises serious questions over the funds long term sustainability. |
What is a Loss and Damage(L&D)?
What is the history of Loss and Damage(L&D) fund?
What is the Loss and Damage due to climate change in 2022?
According to a study published by University of Delaware:
1) Climate change has resulted in a loss and damage of approximately $1.5 trillion ($1,500 billion) in 2022.
2) Several developing countries and some of the world’s poorest nations suffered an average loss of around 8.3% of their Gross Domestic Product (GDP) due to the effects of climate change.
UPSC Syllabus: Environment
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