In Short : Loss and damage refer to the impacts of climate change that cannot be mitigated or adapted to, leading to irreparable harm and financial losses for vulnerable countries and communities. Discussions on establishing a fund to address loss and damage have been ongoing in the international climate negotiations.
In Detail : COP 28 adopted the decision on the operationalization of the new funding arrangements, including a Fund, for responding to loss and damage. The decision was adopted by consensus by all Parties including India.
Since the adoption of the decision, an amount of around USD 700 million has been pledged by several countries. The United Arab Emirates (UAE) has announced its commitment of USD 100 million to the loss and damage Fund. Other countries making notable pledges included United Kingdom committed GBP 40 million for the Fund and GBP 20 million for other funding arrangements, Japan committed USD 10 million, United States of America committed USD 17.5 million and European Union (including Germany) committed 225 million euros.
The purpose of the Fund is to assist developing countries that are particularly vulnerable to the adverse effects of climate change in responding to economic and non-economic loss and damage associated with the adverse effects of climate change, including extreme weather events and slow onset events.
This information was given by Union Minister of State for Environment, Forest and Climate Change Shri Ashwini Kumar Choubey in a written reply in the Rajya Sabha today.
