NausheenAIR 9 · CSE 2023 · 184 wordsTheir whole copy
Opening · a definition
Loss and damage funds are the funding arrangements made mainly by the developed countries for the damages caused in less/least developed countries like Vanuatu.
Body · points
Evolution of Loss and Damage funds
→ Understanding "common but differentiated responsibility" by the developed nations.
→ Clean Development Mechanism (CDM) was launched under Kyoto Protocol for transfer of funds to Annexure-B countries (less developed).
→ Warsaw pact agreement on loss and damage was made between the countries.
→ COP-27 - lays down more clear framework for the same.
Major developments related to loss and damage funds in COP-27
→ Construction of a fund for the same the details of which would be agreed in COP-28.
→ $100 Billion commitments made by the developed nations for the same.
→ Clear market mechanisms under Article 6 of Paris Agreement was also established.
Commitments made by India in the conference :-
→ (1) Pledging $50 billion to the fund
→ (2) Respecting rights of the nations like that of Pacific Islands
Close · a summary
This commitment by the developed and developing nations is a step ahead in our pursuit to climate justice.