Business Standard

Explained: What is 'loss and damage' fund, what is India's take on it

Agreement on financing one of the most significant steps in UN climate talks in 30 years

Statsguru: From net-zero target to forest cover, India's climate standing
Premium

BS Web Team New Delhi
On November 20, nations decided to establish a "loss and damage" fund to assist poor countries hit by a warming planet. It is one of the most significant progress governments have made since the UN climate talks began 30 years ago. 

The idea of establishing the fund comes from an understanding that the poor countries are the most impacted by extreme weather events like floods, heat waves. Developed nations have contributed the most, (nearly 92 per cent) to greenhouse emissions blamed for the climate crisis and are therefore liable to help countries vulnerable to climate-induced changes, it is argued.

“Clearly

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Nov 23 2022 | 10:54 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com