BEWARE OF FAKE INSTITUTES WITH SIMILAR NAMES. blank    blank
banner

Climate Aid: The Loss and Damage Fund



  Dec 04, 2023

The Loss and Damage Fund



What is The Loss and Damage Fund?

The Fund is a financial mechanism established to support developing countries that are particularly vulnerable to the adverse effects of climate change, facilitating rehabilitation and compensation for damages.

How was The Loss and Damage Fund established?

It was first proposed by the Alliance of Small Island States and officially established at COP27 with further developments in the structure and commitments made at COP28.

Why do developing countries need The Loss and Damage Fund?

Developing countries often bear the disproportionate brunt of climate change effects due to historical greenhouse gas emissions by industrialized nations, necessitating support for recovery and adaptation efforts.

What are the challenges facing The Loss and Damage Fund?

Key challenges include securing sufficient and sustained funding, setting fair criteria for fund recipients, and managing the fund’s operations without supplanting existing financial institutions like the World Bank.

How much has been pledged to The Loss and Damage Fund?

Approximately $400 million was pledged at COP27, with the host of COP28, the UAE, contributing $100 million.

What is the significance of the 55 nations statistic related to The Loss and Damage Fund?

These 55 nations are the most vulnerable to climate change and have suffered significant losses, highlighting the urgent need for the Fund’s support.

What role does the USA’s emissions play in the context of The Loss and Damage Fund?

The US is responsible for 25% of post-industrial emissions that have contributed to current levels of global warming, underlining the need for its active participation in the Fund.

How does the Fund plan to address the damage caused so far by climate change?

The Fund aims to provide financial resources to cover losses and repair damages in the most affected countries, with a focus on those who have contributed least to the emissions but are suffering the most.

SRIRAM’s


Share:
 

Get a call back

Fill the below form to get free counselling for UPSC Civil Services exam preparation

 
UPSC DAILY CURRENT AFFAIRS

 
DEEP MACHINE LEARNING
 
MACHINE LEARNING
 
NON-AGRICULTURAL INFORMAL ENTERPRISES
 
MUNICIPAL BODIES:FINANCIAL CHALLENGES
 
CHANDRAYAAN-3: A YEAR of ACHIEVEMENTS
 
VIZHINJAM: INDIA’S FIRST DEEP-WATER TRANSSHIPMENT PORT
 
‘AANKH MICHOLI’
 
CHINA FACTOR IN INDIA-RUSSIA RELATIONS
 
CVF and climate finance negotiations
 
CBI JURISDICTION AND STATE CONSENT
 
Beej Utsavs (Seed Festivals)
 
SILK ROUTE THROUGH KALIMPONG AND SIKKIM
 
RHODODENDRON NIVEUM, THE STATE TREE OF SIKKIM
 
OPERATION DHANUSH NEAR LOC
 
French Revolution and India