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Consensus made on the formation of ‘Loss and Damage’ fund, the loss caused to developing countries will be compensated

UNFCCC meeting in Egypt: In the ongoing United Nations Climate Summit COP-27 (COP 27) in Egypt, the most controversial issue has been agreed on the formation of a disaster fund to compensate developing countries. The negotiators said that a “Loss and Damage Fund” would help compensate for the damage done to developing countries most vulnerable to climate change.

COP27 made a tweet confirming the agreement to create a ‘Loss and Damage Fund’. It was told that history was created in COP27 as all the parties have agreed to help. Through this fund, efforts will be made to solve the problem of climate change. The deal is part of a larger agreement and negotiators from nearly 200 countries have voted on it.

Conference held from 6 to 18 November

The conference was held from November 6 to 18 in Sharm el-Sheikh, Egypt. Before going to the conference, Union Environment Minister Bhupendra Yadav had said that India would seek “action” from developed countries in terms of climate finance, technology transfer and capacity building to help developing countries fight climate change.

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More than 190 countries are involved

All issues related to climate change are discussed in the United Nations Framework Convention on Climate Change. More than 190 countries that are members of the UNFCCC hold an annual conference in the last two weeks of the year to tackle climate change and work on a global approach. This is the process that gave birth to the Paris Agreement. Apart from this, its predecessor agreement is also the Kyoto Protocol. It is a kind of international treaty designed to deal with the threat of climate change.

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