Facts for Prelims (FFP)
Source: TH
Context: On the first day of COP 28, member countries unanimously agreed to operationalize a Loss and Damage (L&D) fund, aimed at compensating nations already facing the impacts of climate change.
The fund, based at the World Bank but managed independently, has received commitments worth at least $450 million. L&D fund was first announced during COP27 in Sharm el-Sheikh (Egypt) in 2022.
What is L&D?
It refers to the negative consequences arising from the unavoidable risks of climate change, like rising sea levels, prolonged heatwaves, species extinction, crop failures, etc
The L&D fund addresses the financial toll of climate change, estimated at over $1.5 trillion in 2022.
To know more about L&D Fund: Click Here
