COP - 28 Climate Change Summit approves formation of 'Loss and Damage' Fund

COP - 28 Climate Change Summit approves formation of 'Loss and Damage' Fund

Daily Current Affairs / COP - 28 Climate Change Summit approves formation of 'Loss and Damage' Fund

Change Language English Hindi

Category : International Published on: December 04 2023

Share on facebook

COP – 28 Climate Change Summit is being held in Dubai, United Arab Emirates.
In this conference, the formation of 'Loss and Damage' Fund has been approved.
This fund means that rich countries and major polluters will put millions of dollars into a fund which will in turn be distributed to poor countries that suffer the harm of climate change.
This fund will be managed by the World Bank.
This fund will be started with $475 billion.
In this, 100 billion dollars will be given by the United Arab Emirates.
An amount of 275 billion dollars will be deposited in the fund by the European Union.
The establishment of this fund was first suggested by Vanuatu in the year 1991.
It is a global financial package to ensure rescue and rehabilitation of countries facing the impact of climate change.

Recent Post's

Reliance Consumer Products Limited has appointed Amitabh Bachchan as brand ambassador for its Campa Sure packaged drinking water.
Read More....
The Delhi government has signed an MoU with the RBI to manage its banking, debt, and cash operations.
Read More....
Veteran Congress leader and former Union minister Suresh Kalmadi passed away at the age of 81 in Pune.
Read More....
HDFC Asset Management Company entered the private credit segment with the launch of a ₹2,500 crore structured credit fund.
Read More....
CCI has approved Nippon Steel’s plan to acquire 100% stake in Krosaki Harima Corporation.
Read More....
Union Education Minister Dharmendra Pradhan released 55 literary publications in classical Indian languages in New Delhi.
Read More....
Former world billiards champion and Dhyan Chand Awardee Manoj Kothari passed away at the age of 67.
Read More....
Rajasthan hosted the Regional AI Impact Conference to promote inclusive and responsible use of Artificial Intelligence.
Read More....
Ranveer Singh’s film Dhurandhar set a new record for the highest return on investment in Bollywood history.
Read More....
The United States has decided to exit 66 international organisations, including the India-led International Solar Alliance.
Read More....