CURRENT AFFAIRS

Detailed explanation-1: -This year’s annual climate conference , the 27th meeting of the Conference of Parties (COP -27), at Sharm El Sheikh in November achieved a major breakthrough by establishing a Loss and Damage Fund to help people recover from devastating climate impacts.

Detailed explanation-2: -“The loss and damage fund is a response to climate injustice and climate debt, owed by the rich countries to the poor,” added Meena Raman, Head of Programmes at Third World Network.

Detailed explanation-3: -1) What Is Loss and Damage? “Loss and damage” is a general term used in UN climate negotiations to refer to the consequences of climate change that go beyond what people can adapt to, or when options exist but a community doesn’t have the resources to access or utilize them.

Detailed explanation-4: -The 27th UN Conference of Parties (COP27) today agreed for establishing the special Loss and Damage Fund. The Fund will help to make up for the losses suffered by developing nations that are vulnerable to climate change.

Detailed explanation-5: -During COP27, financial pledges for loss and damage funding came from multiple countries, including Austria, Belgium, Canada, France, Germany, and New Zealand, joining Denmark and Scotland, which had made pledges previously.