To gain on the loss & damage front

economictimes.indiatimes.com:

Loss and Damage Fund (LDF) at COP28 has fulfilled a long-standing demand of developing countries. Many countries announced their contributions to the fund, cumulatively amounting to about $700 million.

The term 'loss and damage' refers to:

Stretched limits Impacts that go beyond the limits of adaptation and mitigation efforts, such as economic losses (damage to infrastructure and productive systems) and non-economic losses (loss of lives, livelihoods, cultural heritage and biodiversity).

Slow and furious Slow-onset events like sea-level rise and ocean acidification, as well as extreme weather events like floods, droughts and storms.

The decision to create LDF was taken at COP27 at Sharm el-Sheikh, Egypt.

The fund would meet the critical need for 'new, additional, predictable and adequate' financial resources to aid developing countries affected by climate change. Following this decision, a transitional committee was established, and recommendations of the committee were finalised before COP28, paving the way for LDF's announcement.

A key area of contention concerns the choice of LDF's institutional host.

Developing countries agreed to World Bank as interim host based on an assurance of the fund's operational independence. Key stipulations include:

LDF's board retains control over critical decisions, such as appointing the executive director.

Setting policies for eligibility and access.

Allowing governments and non-traditional entities to access the fund directly.

If World Bank successfully meets these conditions, it could become the permanent manager of LDF.

LDF will always be accountable to parties of the Paris Agreement. Several other pressing issues related to LDF need to be addressed:

Not enough Developed