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Loss and Damage funds UPSC NOTE

 Why in News

  • In Cop 28 - Dubai, Loss and damage funds means wealthy states and major polluters will put millions of dollars towards a fund that will in turn distribute funds to poor states harmed by climate change. 

What is loss and damage (L&D) fund

  • A healthy L&D fund, a three-decade-old demand, is a fundamental expression of climate justice.

  • The L&D fund is a corpus of money and technologies that will be replenished by developed countries and used by the rest to respond to the more unavoidable effects of climate change. 

  • On the first day of the COP28, representatives of the member-states agreed to operationalise the L&D fund. 

  • Four meetings of the Transitional Committee (TC) were to follow to determine how its money would be disbursed

  • But the issues in the TC-4 meeting, which spilled over into an ad hoc TC-5 meeting as well, highlight how the newly operationalised fund, while signalling optimism at COP28 and a diplomatic victory for its Emirati president, has crucial issues.

  • First, it will be hosted by the World Bank for an interim period of four years and will be overseen by an independent secretariat. 

  • Developing countries resisted this proposition at first before yielding at the TC-5 meeting, in exchange for some concessions

  • Second, while some countries have committed amounts to the fund — from $10 million by Japan to $100 million each by Germany and the UAE — whether they will be periodically replenished is not clear. 

  • The committed amounts are also insufficient, totalling $450 million against an actual demand of several billion dollars

  • The contributions are voluntary even as every country has been invited to contribute. 

  • Finally, the World Bank will have to meet some conditions on managing the fund.

  • A degree of transparency it has not brooked so far, and submit a report to the Parties to the Paris Agreement

  • If its stewardship is determined to be unsuitable, the fund can ‘exit’ the World Bank. 


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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Loss and Damage funds UPSC NOTE
Loss and Damage funds UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
https://www.learnerz.in/2023/12/loss-and-damage-funds-upsc-note.html
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