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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 ...
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
The deal to create a "loss and damage" fund was hailed as a breakthrough for developing country negotiators at United Nations climate talks in Egypt last year, overcoming years of resistance from ...
“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 ...
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 ...
[38] [39] The COP29 Presidency stressed the importance of operationalizing the Loss and Damage Fund to support vulnerable communities, particularly in Small Island Developing States (SIDS) and Least Developed Countries (LDCs), while calling for enhanced Nationally Determined Contributions (NDCs) in line with 1.5°C targets and urging the ...
The key goal of COP29 is to agree how much money richer developed countries should provide poorer developing ones to help them fight climate change, a critical plank in efforts to limit the damage ...
The international COP28 climate summit has reached an agreement on the logistics of a loss and damage fund, a mechanism to compensate vulnerable nations for the impact of climate change ...