Thẻ: Loss and damage

COP28 climate summit just approved a ‘loss and damage’ fund. What does this mean?

~ Đào Thu Hằng ~ Bình luận về bài viết này

theconversation.com Published: December 1, 2023 2.24am GMT

Day one of the COP28 climate summit saw the first big breakthrough: agreement on a “loss and damage” fund to compensate poor states for the effects of climate change.

Met with a standing ovation in Dubai, the agreement means wealthy states and major polluters will put millions of dollars towards a fund that will in turn distribute funds to poor states harmed by climate change. The fund will be administered by the World Bank. Initial commitments amount to US$430 million.

It will come as a huge relief to the United Arab Emirates, the summit’s host. The country was under pressure even before talks began about its fossil fuel expansion plans and the fact the president of the climate talks is chief executive of a national oil company. This undoubtedly featured in the UAE’s decision to commit US$100 million to the fund.

Other countries to make initial commitments to the fund include the United Kingdom ($75 million), United States ($24.5 million), Japan ($10 million) and Germany (also US$100 million). Pressure will now build on other wealthy countries, including Australia, to outline their own commitments to the fund.

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What Is “Loss and Damage” from Climate Change? 8 Key Questions, Answered

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WRI.org

The planet has already warmed by 1.1 degrees C (2 degrees F) due to human-induced climate change. Millions of people today are facing the real-life consequences of higher temperatures, rising seas, fiercer storms and unpredictable rainfall. Rapidly reducing emissions is essential to limit temperature rise and secure a safer future for us all, as is making major investments to protect communities from severe impacts that will continue to worsen.

Yet collective efforts to curb greenhouse gas emissions and adapt are currently not enough to tackle the speed and scale of climate impacts, meaning that some losses and damages from climate change are inevitable. How countries handle these losses and damages has been a key issue at UN climate negotiations and beyond.

Here, we provide an explainer on the concept of loss and damage and what’s needed to address it:

1) What Is Loss and Damage?

“Loss and damage” is a general term used in UN climate negotiations to refer to the consequences of climate change that go beyond what people can adapt to, or when options exist but a community doesn’t have the resources to access or utilize them. This could include the loss of coastal heritage sites due to rising sea levels, or the loss of homes and lives during extreme floods.

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