{"id":34712,"date":"2022-11-21T09:44:50","date_gmt":"2022-11-21T04:14:50","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=34712"},"modified":"2025-04-20T16:31:45","modified_gmt":"2025-04-20T11:01:45","slug":"big-win-rich-nations-to-pay-for-climate-damages","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/big-win-rich-nations-to-pay-for-climate-damages\/","title":{"rendered":"Big Win: Rich Nations to Pay for Climate Damages"},"content":{"rendered":"<h3><strong>What\u2019s in today\u2019s article?<\/strong><\/h3>\n<ul>\n<li>News Summary (Key takeaways from COP27)<\/li>\n<li>About the Fund (Purpose, Donor\/Beneficiaries, India\u2019s role, etc.)\u00a0<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Why In News?<\/strong><\/h2>\n<ul>\n<li>Historic deal has been agreed upon at the conclusion of the Conference of Parties (COP27) of the United Nations Framework Convention on Climate Change (UNFCCC) at the Sharm el-Sheik, Egypt.<\/li>\n<li>The member countries have agreed to establish a fund for assisting developing countries that are particularly vulnerable to the adverse effects of climate change.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>News Summary:<\/strong><\/h2>\n<p><img decoding=\"async\" src=\"https:\/\/vajiramandravi.s3.us-east-1.amazonaws.com\/media\/editor_images\/2022\/11\/21\/12\/45\/13\/637b2581f5602905af39bf91_OI.PNG\" alt=\"\" \/><\/p>\n<ul>\n<li>From 6<sup>th<\/sup>\u00a0Nov to 18<sup>th<\/sup>\u00a0Nov, 27<sup>th<\/sup>\u00a0Conference of Parties was held in\u00a0<strong>Sharm el-Sheik, Egypt<\/strong>.<\/li>\n<li>On the final day of the event, a decision was taken to establish a fund for what negotiators call \u2018loss and damage\u2019.<\/li>\n<li>This fund will be used for compensating poor nations that are victims of extreme weather worsened by rich countries&#8217; carbon pollution.<\/li>\n<li>It is a big win for poorer nations which have long called for funds sometimes viewed as reparations because\u00a0<u>they are often the victims of climate worsened floods, droughts, heat waves, famines and storms despite having contributed little to the pollution that heats up the globe<\/u>.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>About the Fund:<\/strong><\/h2>\n<ul>\n<li>The fund would be\u00a0<u>largely aimed at the most vulnerable nations, though there would be room for middle-income countries that are severely battered by climate disasters to get aid<\/u>.<\/li>\n<li>According to the agreement, the fund would initially draw on contributions from developed countries and other private and public sources such as international financial institutions.<\/li>\n<li>While major emerging economies such as China would not initially be required to contribute, that option remains on the table and will be negotiated over the coming years.\n<ul>\n<li>This is a key demand by the European Union and the United States, who argue that China and other large polluters currently classified as developing countries have the financial clout and responsibility to pay their way.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Will India be a donor or a beneficiary of the fund?<\/strong><\/h2>\n<ul>\n<li>The rich nations had been asking to expand the donor base of the loss and damage fund by including big economies like India and China as contributors to the fund.<\/li>\n<li>However,\u00a0<u>India during the discussions made its stand clear that though the country has voluntarily been doing its bit to help vulnerable countries through different mechanism, it will not be mandatorily contributing to the proposed fund<\/u>.<\/li>\n<li>On the question whether India would be one of the beneficiaries of the fund as it\u2019s primarily meant for most vulnerable countries, India argued that the country too has many vulnerable areas.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Conclusion:<\/strong><\/h2>\n<ul>\n<li>The decision on donor base and beneficiaries will be clarified by 2023.<\/li>\n<li>At the COP27, the parties have also agreed to retain the COP26 points on mitigation \u2013 \u201cphase down\u201d of unabated coal power and \u201cphase out\u201d of inefficient fossil fuel subsidies.\n<ul>\n<li>COP26 was held in\u00a0<strong>Glasgow, UK<\/strong>\u00a0in 2021.<\/li>\n<\/ul>\n<\/li>\n<li>The COP27 also set up a\u00a0<u>four-year work programme on climate action in agriculture and food security, and on a just transition for energy use<\/u>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The fund would be largely aimed at the most vulnerable nations.<\/p>\n","protected":false},"author":5,"featured_media":34713,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":{"0":"post-34712","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-mains-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/34712","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=34712"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/34712\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/34713"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=34712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=34712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=34712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}