{"id":20913,"date":"2024-02-26T08:43:20","date_gmt":"2024-02-26T03:13:20","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=20913"},"modified":"2025-04-06T08:30:43","modified_gmt":"2025-04-06T03:00:43","slug":"loss-and-damage-board","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/loss-and-damage-board\/","title":{"rendered":"Loss and Damage Board"},"content":{"rendered":"<h2>About Loss and Damage Board<\/h2>\n<ul>\n<li>Background:\n<ul>\n<li>At the 27th Conference of Parties to the United Nations Framework Convention on Climate Change (COP27) held in Egypt, Parties reached an agreement on providing\u00a0loss and damage funding to nations most vulnerable and impacted by the effects of climate change.<\/li>\n<li>At COP28, the fund was formally established and a decision text stated that the fund would be\u00a0governed and supervised by a board, a decision-making body.<\/li>\n<\/ul>\n<\/li>\n<li>The board is tasked with\u00a0setting up a strategic direction for the Fund as well as its governance and operational modalities, policies, frameworks and work programme, including relevant funding decisions.<\/li>\n<li>The Board will\u00a0comprise 26 members, 12 members from\u00a0developed countries and 14 from\u00a0developing nations.<\/li>\n<\/ul>\n<h2>What is Loss and Damage Fund?<\/h2>\n<ul>\n<li>It is a global\u00a0financial package to ensure the\u00a0rescue and rehabilitation of countries facing the cascading\u00a0effects of climate change.<\/li>\n<li>The term refers to the compensation that\u00a0rich nations, whose industrial growth has resulted in global warming and driven the planet into a climate crisis,\u00a0must pay to poor nations, whose carbon footprint is low but are facing the brunt of rising sea levels, floods, crippling droughts, and intense cyclones, among others.<\/li>\n<li>It is often categorised as economic or non-economic.\n<ul>\n<li>Economic loss and damage are negative impacts that we can assign a monetary value to.<\/li>\n<li>These are things such as the\u00a0costs of rebuilding infrastructure that has been damaged due to a flood, or the loss of revenue from agricultural crops that were destroyed due to drought.<\/li>\n<li>Non-economic loss and damage are negative impacts where it is difficult or infeasible to assign a monetary value.<\/li>\n<li>These are things such as\u00a0trauma from experiencing a tropical cyclone, loss of community due to displacement of people, or loss of biodiversity,\u201d\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<h3>Q1) What is the United Nations Framework Convention on Climate Change?<\/h3>\n<p>It is an international treaty among countries to combat &#8220;dangerous human interference with the climate system&#8221;, in part by stabilizing greenhouse gas concentrations in the atmosphere.<\/p>\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.downtoearth.org.in\/news\/climate-change\/wealthy-nations-wrestle-over-seats-on-loss-and-damage-board-causing-delays-in-fully-operationalising-fund-94637\" target=\"_blank\" rel=\"nofollow noopener\"><u>Wealthy nations wrestle over seats on Loss and Damage Board, causing delays in fully operationalising Fund<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Loss and Damage Board is tasked with setting up a strategic direction for the Fund as well as its governance and operational modalities.<\/p>\n","protected":false},"author":5,"featured_media":20914,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-20913","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/20913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=20913"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/20913\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/20914"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=20913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=20913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=20913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}