Q. Consider the following statements:
1.Loss and Damage Fund aims to compensate companies affected by carbon tax policies.
2.The transitional committee was established to oversee the operationalization of the Loss and Damage Fund.
Which of the statement(s) given above is/are correct?
Answer: B
Notes:
Explanations –
Statement 1 is incorrect. The Loss and Damage Fund is designed to help vulnerable countries cope with the impacts of climate change, such as extreme weather events and slow-onset disasters, rather than compensating companies affected by carbon tax policies.
Statement 2 is correct. The Transitional Committee was established to oversee the operationalization of the Loss and Damage Fund. It was tasked with drafting recommendations for the fund’s structure, governance, and funding arrangements, which were discussed and partially agreed upon during COP28.
Source: AIR
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