38.6c New Delhi, India, Tuesday, July 23, 2024
Environment

Loss and Damage Fund cleared on Day One of COP-28 summit: Here's all you need to know

By LAWSTREET NEWS NETWORK      01 December, 2023 06:37 PM      0 Comments
Loss and Damage Fund cleared on Day One of COP summit Heres all you need to know

COP28, the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), began with the landmark adoption of an agreement on a new Loss and Damage Fund.

The loss and damage fund will help developing countries vulnerable to climate change disasters. Its scale or replenishment cycle, however, remains unclear.

The initial funding is estimated to be $475 million host UAE pledged $100 million, the European Union promised $275 million, $17.5 million from the US, and $10 million from Japan, according to media reports.

What is the loss and damage fund?
It is a global financial package to ensure the rescue and rehabilitation of countries facing the cascading effects of climate change. The term refers to the compensation that rich nations, whose industrial growth has resulted in global warming and driven the planet into a climate crisis, must pay to poor nations, whose carbon footprint is low but are facing the brunt of rising sea levels, floods, crippling droughts, and intense cyclones, among others.

How will it operate?
The World Bank will oversee the loss and damage fund in the beginning, with the source of funds being rich nations, such as the US, the UK and the EU, as well as some developing countries.

The loss and damage fund was first announced during COP27 in Sharm el-Sheikh, Egypt, last year.



Share this article:

About:

Explore Comprehensive Legal Reporting with LawStreet Journal: Your Go-To Source for Supreme Court an...Read more

Follow:
TwitterLinkedinInstagram


Leave a feedback about this
Related Posts
View All

Loss and Damage Fund cleared on Day One of COP-28 summit: Here's all you need to know Loss and Damage Fund cleared on Day One of COP-28 summit: Here's all you need to know

On the first day of COP 28, member countries agreed to make operational a Loss and Damage (L&D) fund. Here's all you need to know about the fund.

COP28: All that happened at UN Climate Summit COP28: All that happened at UN Climate Summit

The COP28 has concluded with a landmark agreement among nearly 200 countries to begin reducing global consumption of fossil fuels, marking a significant step towards the eventual end of the oil age. Find out the highlights of the summit.

TRENDING NEWS

neet-ug-sc-asks-iit-delhi-to-apprise-it-of-correct-answer-of-a-question-where-two-options-are-found-as-correct
Trending Judiciary
NEET-UG: SC asks IIT-Delhi to apprise it of correct answer of a question where two options are found as correct

SC asks IIT-Delhi to determine correct answer for NEET-UG question with two correct options, report due by 12 PM Tuesday; court to hear further on re-test plea.

23 July, 2024 09:26 AM
2021-lakhimpur-kheri-violence-sc-grants-regular-bail-to-ashish-mishra-son-of-ex-union-minister-ajay-mishra
Trending Judiciary
2021 Lakhimpur Kheri violence: SC grants regular bail to Ashish Mishra, son of ex Union Minister Ajay Mishra

SC grants regular bail to Ashish Mishra, son of ex-Union Minister, in the 2021 Lakhimpur Kheri violence case involving the death of eight people.

23 July, 2024 11:02 AM

TOP STORIES

state-govt-has-got-no-power-to-tinker-with-list-of-scheduled-castes-supreme-court
Trending Judiciary
State govt has got no power to tinker with list of Scheduled Castes: Supreme Court [Read Judgement]

The Supreme Court ruled that state governments lack the authority to modify the Scheduled Castes lists, a power reserved exclusively for Parliament under Article 341.

17 July, 2024 09:31 AM
sc-asks-telangana-govt-to-replace-judge-in-commission-of-inquiry-into-power-pact-by-previous-govt
Trending Judiciary
SC asks Telangana govt to replace judge in Commission of Inquiry into power pact by previous govt

SC directs Telangana govt to replace Justice L Narasimha Reddy in Commission of Inquiry probing former CM KCR's alleged power sector irregularities.

17 July, 2024 09:40 AM
centre-notifies-appointments-justice-n-kotiswar-singh-justice-mahadevan-as-sc-judges
Trending Judiciary
Centre notifies appointments Justice N Kotiswar Singh, Justice Mahadevan as SC judges

Centre notifies appointments of Justice N Kotiswar Singh and Justice R Mahadevan as Supreme Court judges, marking the first SC judge from Manipur.

17 July, 2024 09:57 AM
imprisonment-till-rising-of-court-not-proper-sentence-for-serious-offence-of-bigamy-sc
Trending Judiciary
Imprisonment till rising of court not proper sentence for serious offence of bigamy: SC [Read Judgement]

The Supreme Court ruled that “imprisonment till the rising of the court" is not appropriate for bigamy, a serious offence, stressing the need for proportionate punishment.

17 July, 2024 10:00 AM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email