Q. Consider the following statements with respect to Loss and Damage Fund (LDF):
1.The fund aims to address both immediate disaster response and long-term resilience building.
2.It provides compensation for past and ongoing climate impacts.
3.Carbon credits from the global carbon market is one of the proposed sources of financing for the LDF.
4.The United Nations Development Programme (UNDP) is currently serving as the interim trustee of the Fund.
Which of the statements given above are correct?
Explanation –
Statements 1 and 2 are correct. The Loss and Damage Fund is designed to provide financial support for both immediate disaster response and long-term resilience building to address the impacts of climate change. The LDF is intended to help developing countries compensate for losses and damages resulting from climate change, which includes both past and ongoing impacts.
Statements 3 and 4 are incorrect. While innovative sources of financing, such as taxes on fossil fuels and other mechanisms, have been discussed, carbon credits from the global carbon market are not proposed source of financing for the LDF. The World Bank is serving as the interim trustee for the Loss and Damage Fund.
Source: The Hindu
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