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

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Category : International Published on: December 04 2023

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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.