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The Loss and Damage Fund is a climate finance mechanism created during the 27th Conference of Parties (COP), held in Egypt in 2022. The fund was designed to address loss and damage, to support communities when adaptation strategies are inadequate or implemented too late, and damage and risk has already happened. [23]: 63
Nearly 200 countries had agreed to launch the "loss and damage" fund at the COP28 U.N. climate summit in 2023, in a victory for developing nations that had demanded help for years over increased ...
The board of The Fund for Responding to Loss and Damage to help countries ravaged by climate-driven disasters named Senegalese finance specialist Ibrahima Cheikh Diong as its first director, the ...
WASHINGTON (Reuters) -Countries are deadlocked over how to design a fund to help countries recover and rebuild from climate change-driven damage, with just over 30 days left before crucial United ...
The conference has been held annually (except 2020 due to the COVID-19 pandemic) [5] since the first UN climate agreement in 1992. It is used by governments to agree on policies to limit global temperature rises and adapt to impacts associated with climate change. [6] The conference led to the first loss-and-damage fund being created. [7]
On the first day of the summit on 30 November 2023, a "loss and damage" fund to compensate poor states for the effects of climate change was agreed upon. The fund aims to distribute funds to poor states harmed by climate change and is to be administered by the World Bank. The host country, the United Arab Emirates, and Germany each pledged $100 ...
“The loss and damage fund will be a lifeline to people in their darkest hour, enabling families to rebuild their homes after disaster strikes, support farmers when their crops are wiped out and ...
The decision establishes a fund for what negotiators call loss and damage. It is also long been called an issue of climate justice. Historic compensation fund approved at UN climate talks