1st December 2023 (8 Topics)
1
Dec
2
Dec
4
Dec
5
Dec
6
Dec
7
Dec
8
Dec
9
Dec
11
Dec
12
Dec
13
Dec
14
Dec
15
Dec
16
Dec
18
Dec
19
Dec
20
Dec
21
Dec
22
Dec
23
Dec
25
Dec
26
Dec
27
Dec
28
Dec
29
Dec
30
Dec
Loss and Damage Fund: COP-28 summit
Context:
Fund, meant to compensate countries dealing with effects of climate change, gets commitments of atleast $450 million; all developing countries are eligible to apply for the Fund.
About COP 28:
- COP 28 is held in Dubai, UAE
- It is an important convention organized under the UNFCCC (United Nations Framework Convention on Climate Change).
Loss and Damage Fund:
- Member countries agreed to make operational a Loss and Damage (L&D) fund that is meant to compensate countries already dealing with climate change.
- To be based at the World Bank but managed by an independent secretariat, commitments worth atleast $450 million have already been made by countries though billions of dollars are still needed to meet its purpose.
- The L&D fund was first announced at the conclusion of COP-27 in Sharm El-Sheikh, Egypt, last year, but it has taken five separate meetings since then, via ‘transitional committees,’ to get to a position where countries could unanimously agree on a text.
Positive start
- Contributions by Developed Countries: Financial commitments have been made by
- The United Arab Emirates $100 million – the host country
- Germany $100 million
- The United States $17 million
- The United Kingdom $50.6 million (approx.)
- Japan $10 million as part of the L&D.
- The European Union also committed to $145 million, over and above the German contribution.
- The World Bank will be the “interim host” of the fund for a period of four years. It is expected to operate in accordance with the principles of the UNFCCC and the Paris Agreement.
- All developing countries are eligible to apply for and every country has been “invited” to contribute to the fund.
- Payments are voluntary and a certain percentage has been set apart for a category of countries called Least Developed Countries and Small island developing states.
1.5 trillion Dollars Bill:
- Loss and damage from climate change cost about 5 trillion Dollars ($1,500 billion) in 2022, according to a study.
- Several developing countries and some of the poorest lost an average of about 8.3% of GDP due to climate change.
- The fund, as it stands now, doesn’t specify how often it will be replenished.
Courses
Study
Notes
Home
Resources
More
