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

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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.
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