Sign In
Learn bits
Ecology & Environment
Mahesh

15/07/24 13:10 PM IST

Philippines chosen to host climate 'loss and damage' fund board

In News
  • The Philippines has been chosen to host the board of the "Loss and Damage" fund created by U.N. talks, marking another step towards providing financial help for countries to recover and rebuild from the impact of global warming.
About Loss and Damage fund
  • The “Loss and Damage” fund was set up at the COP27 UN Climate Change Conference in 2022 to help countries that are weak and have been hit by natural disasters.
  • With a focus on the economic and non-economic effects in emerging countries, it talks about “loss and damage” as opposed to “mitigation and adaptation.”
  • Even though it has support from around the world, the fund’s operations and funding sources are still not clear in early 2023.
  • This plan is a big step forward in climate talks because it recognizes that developed countries are responsible for past pollution that hurt poorer countries more than they hurt rich countries. International discussions about contributions and governance systems are still going on.
Role of Philippines
  • An archipelago of more than 7,600 islands, the Philippines, which also has a seat on the fund's board, is frequently hit by typhoons and other climate-change induced disasters.
  • As host, Manila could focus attention on the Asia-Pacific region, where many countries struggle with limited resources, hindering their ability to respond to the effects of climate change.
  • The Philippines is expected to show a lot of political leadership by pushing developed countries to accept and take action on their past climate damage impacts.
  • The Philippines needs to push for reparations and stronger promises from richer countries, as Lidy Nacpil of APMDD has said.
  • Overall, the Philippines’ holding of the “Loss and Damage” fund board is a major step toward better global cooperation and support for countries dealing with the terrible effects of climate change.
  • The next task is to put this framework into action and make sure it helps people who need it the most.
Source- The Hindu

More Related Current Affairs View All

08 Sep

Rajasthan’s coaching centre Bill

'The Rajasthan Coaching Centres (Control and Regulation) Bill, 2025, is a significant piece of legislation passed by the Rajasthan Assembly to regulate and oversee the state's burg

Read More

28 Aug

IADT-1

'Recently, the Indian Space Research Organisation (ISRO) successfully carried out its first Integrated Air Drop Test (IADT-1), a crucial milestone in the preparation for the countr

Read More

28 Aug

H-1B visa changes

'H-1B visa changes 2025: United States Commerce Secretary Howard Lutnick called the popular H-1B visa program a “scam”, saying that American businesses should be focuse

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps