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Inclusion of Loss and Damage Funding
November 16 , 2022
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- Loss and damage funding became part of the official agenda for the COP27.
- COP27 is being held at Sharm-El-Sheikh in Egypt.
- Other key additions to the agenda include “matters related to the least developed countries” and “long-term finance”.
- Loss and damage finance is a proposed mechanism that provides financial aid to areas and communities that are already severely affected by the climate change.
- This mechanism has been demanded for a long time by developing and vulnerable communities, including India.
- However, developed countries have opposed it due to the fear of being pushed into providing majority of the funding.
- Recently, the developed countries agreed to include the mechanism in the agenda if it does not include ‘compensation and liability’ targeting so that they are not accountable for the historic emissions.
- If this mechanism becomes a reality, it will positively impact the low-lying vulnerable coastal areas including the Sundarbans.
- Lifestyle for Environment (LiFE), which was proposed by Indian Prime Minister, also a part of the agenda.
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