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Ecology & Environment
Mahesh

09/11/22 14:10 PM IST

Loss and damage funding officially included in COP27 agenda

In News 
  • Countries have agreed to discuss providing financial support to address loss and damage caused by climate change at the 27th Conference of Parties (COP27) to the United Nations Framework Convention on Climate Change (UNFCCC) at Sharm El-Sheikh, Egypt.
Loss and Damage 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, the world’s largest delta that spans across India and Bangladesh.
UNFCCC 
  • UNFCC was signed in 1992 as a result of the United Nations Conference on Environment and Development.
  • It is a multilateral treaty governing actions to combat climate change through adaptation and mitigation efforts directed at control of emission of Green House Gases (GHGs) that cause global warming.
  • It is considered the parent treaty of both the Kyoto Protocol (1997) and the Paris Agreement (2015).
  • UNFCC entered into force on 21st March 1994 and has been ratified by 197 countries.
  • India ratified the UNFCCC in 1993.
India's Agenda for COP27 
  • India looks forward to substantial progress on the discussions related to climate finance and clarity on its definition, as officials from 200 nations gather for the COP27 summit 2022.
  • India will work towards ensuring more clarity on the definition of climate finance for the developing countries in order to be able to accurately assess the extent of finance flows for climate action.
  • India said that the absence of a definition allows developed countries to greenwash their finances and pass off loans as climate-related aid.
  • Developing countries, including India, will also push rich countries to agree to a new global climate finance target – also known as the new collective quantified goal on climate finance (NCQG) — which they say should be in trillions as the costs of addressing and adapting to climate change have grown.
Source- DTE 

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