CURRENT AFFAIRS

Detailed explanation-1: -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-2: -The establishment of a Loss and Damage Fund was, for many, the highlight of the United Nations Climate Conference (COP 27) and the culmination of decades of pressure from climate-vulnerable developing countries.

Detailed explanation-3: -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.

Detailed explanation-4: -The Santiago Network will connect vulnerable developing countries with providers of technical assistance, knowledge, resources they need to address climate risks comprehensively in the context of averting, minimizing and addressing loss and damage.

Detailed explanation-5: -The 27th UN Climate Change Conference (COP27) has ended with an historic deal to create a new fund, in which countries responsible for high carbon emissions will compensate vulnerable countries suffering from climate impacts. “Creating the loss and damage fund is a first, important step.