Q. Consider the following statements with respect to Loss & Damage (L&D) Fund:
1.Loss and Damage Fund covers both economic and non-economic losses.
2.The fund targets developing countries that are particularly vulnerable to climate change impacts.
3.The United Nations Development Programme (UNDP) oversees the initial coordination of the fund.
4.There is a lack of a universally agreed-upon definition of loss and damage.
How many of the statements given above are correct?
Explanation –
Statements 1, 2 and 4 are correct. The Loss and Damage Fund is designed to address both economic losses (such as damage to infrastructure and loss of crops) and non-economic losses (such as loss of culture, displacement, and mental health impacts) caused by climate change. The primary purpose of the Loss and Damage Fund is to assist developing countries that are particularly vulnerable to the adverse effects of climate change, including extreme weather events and slow onset events. There is no universally agreed-upon definition of loss and damage within the United Nations Framework Convention on Climate Change (UNFCCC), and it can mean different things to different groups.
Statement 3 is incorrect. The World Bank will oversee the initial coordination of the Loss and Damage Fund, ensuring the efficient allocation of resources and aiding nations in their recovery efforts.
Source: The Hindu
