COP28 opens with the launch of climate 'loss and damage' fund

LOSS AND DAMAGE FUND - KEY FLASHPOINT
On the opening day of COP28, 196 parties adopted the decision to operationalise the Loss and Damage fund, approving the draft text adopted by the transitional committee in Abu Dhabi earlier this month — a move widely seen as a win for developing countries.
The initial corpus of the fund will be over $400 million, well short of the $400 billion estimates suggest will be needed every year, causing some experts to question the long-term sustainability and viability of the fund.
The UAE, the COP28 presidency, pledged $100 million to the fund, Germany, $100 million, the UK £40 million to the fund and £25 million for other funding arrangements for loss and damage, the US $17.5 million, Japan, $10 million, and the EU, €225 million. The money is expected to help poor and developing countries deal with the impact of the climate crisis.
The World Bank will be interim trustee of the fund which will be conferred with legal personality and capacity as necessary for discharging its roles and functions; in particular, it will have the legal capacity to negotiate, and conclude and enter into a hosting arrangement with the World Bank, the text stated.
The fund will address the needs of developing countries that are particularly vulnerable to the adverse effects of climate change in responding to economic and non-economic loss and damage associated with this, including extreme weather events and slow onset events, the text added.
When asked why US, among top emitters contributed less than others and how the fund can be filled, UNFCCC executive secy, Simon Steill said that more pledges are expected soon, especially at the leaders’ summit on December 1 and 2.
Esta historia es de la edición December 01, 2023 de Hindustan Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición December 01, 2023 de Hindustan Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,500 revistas y periódicos.
Ya eres suscriptor? Conectar
After call with Xi, US Prez says trade parleys with Beijing to be restarted
President Donald Trump said on Thursday that his first call with Chinese leader Xi Jinping since returning to office was \"very positive,\" announcing that the two countries will hold trade talks in hopes of breaking an impasse over tariffs and global supplies of rare earth minerals.
Shooter Suruchi aims for golden repeat in Munich
Not many professional shooters describe their process as succinctly as Suruchi Phogat.
B'luru deaths: RCB, others booked, top cop suspended
The Karnataka Police on Thursday booked Royal Challengers Bengaluru (RCB), event management firm DNA Entertainment Private Limited, and the administrative panel of the state cricket association for culpable homicide, unlawful assembly and assault over the deaths of 11 people ahead of a celebration marking the city team's maiden IPL title a day ago.

How Modi govt mastered art of ideology and balance of power
NDA Walked the Tightrope of Coalition Politics and Won Enough Polls to Suggest the Mild 2024 Setback Was a Blip

'Clean fuel norms will transform NCR by 2026'
Expanding EV infrastructure and weeding out old polluting vehicles is central to this transition, says CAQM chief Rajesh Verma
From Biryani to Black Salt: A Michelin Star's Exploration of India
Oriol Castro, head chef at three Michelin Star restaurant Disfrutar, talks about Indian cuisine on his first visit
Hisar sexual assault case: 2 minor victims record statements
A day after the Central Bureau of Investigation (CBI) arrested a 40-year-old man from Hisar in Haryana for allegedly raping children and creating, uploading, browsing, collecting, and exchanging child sexual abuse material online, two of the victims, aged 11 and 13, recorded their statements with the Child Welfare Committee (CWC) in the district on Thursday, police officials said.

Ronaldo Breaks Germany Jinx, Portugal Enter Final
Cristiano Ronaldo scored the winner in a 2-1 victory over Germany in Munich on Wednesday, sending Portugal through to the Nations League final and breaking his run of bad fortune against the Germans.
HC relief to Shimla cop in Negi death case, CBI to continue its inquiry
The Himachal Pradesh high court on Thursday refused to interfere with the decision to transfer the investigation into the Vimal Negi murder case to the Central Bureau of Investigation, terming that part of the plea as non-maintainable.
Say yes to wheat, no to supplements: Rujuta Diwekar
Your body should not be a burden. Everyone's body comes in a different size and different shape. In your life, your body shape changes every five years. RUJUTA DIWEKAR, Nutritionist