{"id":130291,"date":"2024-09-06T19:25:28","date_gmt":"2024-09-06T13:55:28","guid":{"rendered":"https:\/\/pwonlyias.com\/stage\/?post_type=current-affairs&#038;p=130291"},"modified":"2025-02-13T11:29:23","modified_gmt":"2025-02-13T05:59:23","slug":"loss-and-damage-fund","status":"publish","type":"current-affairs","link":"https:\/\/pwonlyias.com\/stage\/current-affairs\/loss-and-damage-fund","title":{"rendered":"Loss and Damage Fund"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In the wake of the<\/span><b> recent landslides in Kerala,<\/b><span style=\"font-weight: 400;\"> a crucial conversation has emerged around <strong>w<\/strong><\/span><b>hether subnational entitie<\/b><span style=\"font-weight: 400;\">s can seek compensation through the <a href=\"https:\/\/pwonlyias.com\/stage\/editorial-analysis\/cop-28-loss-and-damage-fund\/\" target=\"_blank\" rel=\"noopener\">UNFCCC&#8217;s Loss and Damage Fund.<\/a><\/span><\/p>\n<h2><span style=\"font-size: 18pt;\"><b>What is the Loss and Damage Fund?<\/b><\/span><\/h2>\n<ul>\n<li><b>Establishment: <\/b><span style=\"font-weight: 400;\">The Loss and Damage Fund (LDF) was established at the<\/span><b> 2022 UNFCCC Conference (COP27) in Egypt.<\/b><\/li>\n<li><b>Aim: <\/b><span style=\"font-weight: 400;\">To provide <\/span><b>financial support to regions suffering both economic and non-economic losses caused by climate change.\u00a0<\/b><\/li>\n<li><b>Based on the Polluters Pay Principle: <\/b><span style=\"font-weight: 400;\">This principle holds <\/span><b>accountable entities responsible for environmental damage,<\/b><span style=\"font-weight: 400;\"> making them liable for expenses related to<\/span><b> remedial measures and compensating <\/b><span style=\"font-weight: 400;\">those affected by their actions.\u00a0<\/span><\/li>\n<li><b>Interim Host and Operational Period: <\/b><span style=\"font-weight: 400;\">The <\/span><b>World Bank will serve as the \u201cinterim host\u201d<\/b><span style=\"font-weight: 400;\"> for the fund for a <\/span><b>duration of four years,<\/b><span style=\"font-weight: 400;\"> operating in line with the principles of the UNFCCC and the Paris Agreement.<\/span><\/li>\n<li><b>Eligibility and Contributions:<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">All developing nations can apply for funds, and every country has been<\/span><b> \u201cinvited\u201d <\/b><span style=\"font-weight: 400;\">to <\/span><b>contribute voluntarily.<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">A specific allocation has been set aside for <\/span><b>Least Developed Countries and Small Island Developing States.<\/b><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span class=\"vc_button\"><a href=\"https:\/\/www.pw.live\/batches\/upsc?utm_source=seo+upsc+batch&#038;utm_medium=seo+upsc&#038;utm_campaign=seo&#038;utm_id=upsc\" target=\"_blank\" rel=\"nofollow noopener\">Enroll now for UPSC Online Course<\/a><\/span><\/p>\n<table style=\"width: 99.8996%;\">\n<tbody>\n<tr>\n<th style=\"border-style: solid; border-color: #000000; background-color: rgba(184, 165, 217, 0.53); text-align: left; vertical-align: middle; width: 100%;\">\n<h3><span style=\"font-size: 16pt; color: #000000;\"><b>What has been India&#8217;s role?<\/b><\/span><\/h3>\n<ul>\n<li><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">India has <\/span><b>suffered over $56 billion in damages<\/b><span style=\"font-weight: 400;\"> from weather-related disasters between 2019 and 2023.\u00a0<\/span><\/span><\/li>\n<li aria-level=\"1\"><span style=\"color: #000000;\"><b>Climate Finance Taxonomy\u00a0 Under Budget 2024: <\/b><span style=\"font-weight: 400;\">By integrating climate finance into our broader economic planning with clear guidelines and definitions, w<\/span><b>e can attract international climate funds and boost green finance in India&#8217;s FDI inflows\u00a0<\/b><\/span><\/li>\n<\/ul>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span style=\"font-size: 16pt;\"><b>Challenges associated with Operationalising the Loss and Damage Fund<\/b><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Hosting at the World Bank:<\/b><span style=\"font-weight: 400;\"> The World Bank imposes <\/span><b>high overhead fees for fund maintenance, <\/b><span style=\"font-weight: 400;\">prompting <\/span><b>developing countries to seek an independent secretaria<\/b><span style=\"font-weight: 400;\">t and a dedicated funding mechanism.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Developed Country Contributions<\/b><span style=\"font-weight: 400;\">: Developed nations, notably the <\/span><b>U.S., have shown hesitancy in committing as primary donors to the fund<\/b><span style=\"font-weight: 400;\">, raising concerns over funding sources.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Common But Differentiated Responsibilities (CBDR) Principle:<\/b> <b>Developed nations have opposed references to CBDR<\/b><span style=\"font-weight: 400;\">, equity, and liability within the fund\u2019s draft, diluting its original purpose and essence<\/span><\/li>\n<\/ul>\n<table style=\"width: 99.9337%;\">\n<tbody>\n<tr>\n<td style=\"width: 137.904%; 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