1. What is “loss and damage” in the context of climate change?
Loss and damage refer to irreversible harm caused by climate disasters, crucial for small-island states facing issues like hurricane damage and sea-level rise.
2. What was the significant development regarding the loss-and-damage fund at COP28?
A loss-and-damage fund was launched, marking a significant achievement during a COP opening session, with a focus on addressing irreversible climate damages.
3. How was the loss-and-damage fund structured?
The fund will be housed in the World Bank for four years but as an independent entity under the UNFCCC. It will have a 26-person board, primarily from developing countries.
4. What was the initial funding for the loss-and-damage fund?
The UAE and Germany each pledged $100 million, kickstarting the fund. This was followed by contributions from other countries, totaling $770.6 million by the end of COP28.
5. What issues arose regarding the fund’s location in the World Bank?
Concerns included the World Bank’s rigid fund management and high administrative costs. Developing countries secured safeguards to reassess the fund’s location if needed.
6. What decision was made about the Santiago Network at COP28?
Parties agreed to locate the Santiago Network, which connects countries with technical expertise for handling loss and damage, at UNDRR/UNOPS.
7. How was loss and damage addressed in the final global stocktake?
It received a standalone section in the final text, recognizing its importance, but was not framed as an independent third pillar of climate action alongside mitigation and adaptation.
SRIRAM’s
