Under COP29 Presidency, several important agreements related to Loss and Damage Fund were signed.
- These include “Trustee Agreement” and “Secretariat Hosting Agreement (SHA)" between Fund's Board and World Bank as well as “Host Country Agreement” with the Republic of the Philippines.
- With these achievements, LDF will be able to start financing projects beginning in 2025.
About LDF:
- Establishment of LDF was agreed upon during COP27 held in Egypt and fund was operationalized in COP28, Dubai.
- Fund aims to provide financial assistance to countries most vulnerable to climate change.
- "Loss and damage" refers to impacts of climate change that exceed limits of adaptation, as addressed in UN climate negotiations.
- Loss and damage includes both economic. and non-economic (disappearance osf cultures and ways of living etc.) losses.
- Under LDF, financial support will be provided in form of grants and concessional financing.
Issues involved in LDF
- Governance: Securing adequate and sustainable funding, who benefits, and where fund is located.
- Financial: Balancing interests of donor and recipient countries will be a delicate task.
- Scientific: Defining and assessing loss and damage.
Other funds dedicated to addressing climate change
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