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Loss and Damage Fund operations in India, Global South lauded

Dubai, Nov 30 (PTI): The agreement on the operation of the Loss and Damage Fund aimed at providing compensation to developing and poor countries facing the climate crisis despite making lower contributions was hailed by India on Thursday as a “historic step”. Was welcomed. Because it evoked mixed reactions, especially from the Global South.

UN climate talks COP28 began on a positive note, with countries reaching an initial agreement on the operation of the Loss and Damage Fund, with COP President Dr Sultan Al Jaber highlighting that the science is clear and “there is now a detailed It’s time to find a road.” “Enough for all of us to take climate action.” India’s environment minister Bhupendra Yadav posted on Twitter soon after the decision was announced: “A positive sign of momentum from COP28 in the UAE on day one… Historic decision on operationalization of the Loss and Damage Fund was adopted at the inaugural session COP28. India strongly supports the decision to operationalize the Loss and Damage Fund.” He said, “India strongly supports the decision to operationalize the Loss and Damage Fund taken at the inaugural session of COP28. This decision is a historic step. It will be proved.”

The Global South, which includes poor and developing countries, has long pointed to the lack of sufficient funds to deal with a changing climate responsible for disasters including floods, droughts and heat waves, and called for widening the scope of the purse. Rich countries have been blamed for not opening up. Developing countries have also claimed that rich countries have a responsibility to help cope with the changes, as historically these are the countries that have contributed most to Earth-warming carbon emissions.

Earlier on Thursday, the UN weather agency, the World Meteorological Organization (WMO), said 2023 was on course to be the hottest year on record, and warned of worrying trends that could lead to floods, wildfires, glacier melting and Suggest to increase. Heat waves in the future.

It also warned that the year’s average temperature is about 1.4 degrees Celsius (2.5 degrees Fahrenheit) higher than pre-industrial times – just one-tenth of a degree above the target range set for the end of the century. Paris climate agreement in 2015.

The decision to operationalize the Loss and Damage Fund was significant for the Global South because at last year’s COP27 in Sharm el-Sheikh, Egypt, rich countries agreed to set up the Loss and Damage Fund, but the funding allocation, beneficiaries and administration remained the same. Was kept hanging.

Developing countries wanted a new and independent entity to host the Fund, but reluctantly accepted the World Bank, if only temporarily, for the next four years.

Soon after the decision to operationalize this fund, the United Arab Emirates and Germany announced that they would contribute US$100 million to this fund.

Joe Thwaites, senior counsel for international climate finance at NRDC (Natural Resources Defense Council), called it a historic achievement.

“The Loss and Damage Fund will provide immediate support to vulnerable communities living on the front lines of the climate crisis that they did nothing about. All wealthy and high-emitting countries now have a responsibility to step up and contribute to the fund,” he said.

Ulka Kelkar, director of the Climate Change Program at WRI India, said developed countries need to inject new and additional funds into the Loss and Damage Fund to provide assistance to countries and communities where it is most urgently needed.

“This support should be in the form of grants rather than loans which risk further indebtedness to these economies. It needs to go beyond commercial insurance provisions, which may fail in the face of recurring and widespread disasters. There is considerable experience from previous efforts to create an international climate fund, and we must avoid pitfalls and ensure that the L&D fund becomes operational as soon as possible,” Kelkar said.

Harjeet Singh, head of global political strategy at Climate Action Network International, said, “Amid the historic decision to operationalize the Loss and Damage Fund within a year of its inception, it becomes important to address the underlying concerns. On the one hand, rich countries have put pressure on the World Bank to host this fund under the guise of ensuring a rapid response. On the contrary, they have attempted to minimize their financial obligations and have resisted defining clear finance raising scales. “The absence of a defined replenishment cycle raises serious questions about the long-term sustainability of the fund. Therefore, a robust system, especially integrated with the Global Stocktake process and new climate finance targets, is needed to ensure that COP28 has meaningful outcomes,” Singh warned.

Iskandar Erzini Vernoit, researcher at E3G, an independent climate change think tank, told PTI, “It is not ideal, but it is a start… It is a modest step towards providing for communities in developing countries that are already suffering. Are.” But to ensure justice, developed countries need greater ambition, including but not limited to additional amounts of public finance provided.” Negotiator and Special Climate Envoy for Barbados and PM Mottley, Avinash Persaud, said this is a hard-fought historic agreement. “This reflects recognition that climate loss and damage is not a distant risk, but part of the lived reality of nearly half the world’s population and that we must rebuild and recover if we are not to let the climate crisis reverse decades of development.” Need money. Just a moment.” Farhana Yameen, lawyer and coordinator of the Climate Justice and Just Transition Collaborative, spoke on the occasion, remembering climate champion Bangladeshi-British scientist Salim Haq, saying he fought hard for this fund and that it would have made her proud.

Haq, a vocal supporter of the Global South, passed away recently.

“Certainly, we must step up and keep up the pressure at this COP to rapidly cut greenhouse emissions in line with the 1.5 Celsius warming target set in Paris,” he said.

Ambassador Paoleli Lauteru, chair of AOSIS, which represents the interests of 39 small island and low-lying coastal developing states in international climate change negotiations, said the work is “not over yet.” “After the huge fallout at COP28, we cannot rest until this fund is adequately funded and truly begins to ease the burden on vulnerable communities. Success begins when the international community can properly support victims of this climate crisis with efficient, direct access to urgently needed finance,” he said. PTI UZM NPK AKJ ZH RUP RUP

(This story is published as part of an auto-generated syndicated wire feed. No edits to the headline or body have been made by ABP Live.)

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