Key Points
Bengaluru: A landmark agreement was reached on the first day of the Conference of Parties 28 (COP28) in Dubai, United Arab Emirates (UAE), to approve the Loss and Damage (L&D) Fund a reparations scheme for low-income countries that have suffered from the cumulative carbon emissions of wealthy countries...
Harjeet Singh, the head of global political strategy at Climate Action Network International, said in a statement: The responsibility now lies with affluent nations to meet their financial obligations in a manner proportionate to their role in the climate crisis, which has been primarily driven by decades of unrestrained fossil fuel consumption and a lack of adequate climate finance delivered to the Global South...
The fund aims to provide financial assistance to low and middle-income countries (LMICs), also known as developing nations by the UN, for coping with and recovering from the economic and non-economic losses caused by climate change...
The fund was proposed at the COP27 in Egypt last year, after intense negotiations, as a way to compensate poorer nations with low carbon footprints who are bearing the worst impacts of climate change, mainly due to the cumulative emissions from the social and industrial development of wealthy countries...
Although rules have been agreed regarding how the fund will operate, there are no hard deadlines, no targets and countries are not obligated to pay into it, despite the whole point being for rich, high-polluting nations to support vulnerable communities who have suffered from climate impacts, said Mohamed Adow, founder and director of Powershift Africa in a statement,..
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