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Consider the following statements regarding the Loss and damage fund:
- It aims to ensure the rescue and rehabilitation of countries facing the effects of climate change.
- It is managed by the Global Environment Facility (GEF).
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding the Loss and damage fund: ...
The correct answer is option 'A', i.e., statement 1 only.
Explanation:
The Loss and Damage Fund is a financial mechanism established under the United Nations Framework Convention on Climate Change (UNFCCC) to address the adverse impacts of climate change, including the impacts that cannot be prevented or mitigated through adaptation measures.
Let's analyze the given statements:
1) It aims to ensure the rescue and rehabilitation of countries facing the effects of climate change.
This statement is correct. The Loss and Damage Fund aims to provide financial support to countries that are facing the adverse impacts of climate change, such as extreme weather events, sea-level rise, and other related phenomena. It focuses on addressing the loss and damage caused by climate change, which cannot be prevented or mitigated through adaptation measures alone.
2) It is managed by the Global Environment Facility (GEF).
This statement is incorrect. The Loss and Damage Fund is not managed by the Global Environment Facility (GEF). The GEF is a financial mechanism that provides grants and concessional funds to support projects and programs that address the global environmental issues, including climate change. However, the Loss and Damage Fund operates under the guidance of the UNFCCC and its governing bodies, such as the Conference of the Parties (COP).
In conclusion, statement 1 is correct as the Loss and Damage Fund aims to ensure the rescue and rehabilitation of countries facing the effects of climate change. However, statement 2 is incorrect as the Loss and Damage Fund is not managed by the Global Environment Facility (GEF).
Explanation:
The Loss and Damage Fund is a financial mechanism established under the United Nations Framework Convention on Climate Change (UNFCCC) to address the adverse impacts of climate change, including the impacts that cannot be prevented or mitigated through adaptation measures.
Let's analyze the given statements:
1) It aims to ensure the rescue and rehabilitation of countries facing the effects of climate change.
This statement is correct. The Loss and Damage Fund aims to provide financial support to countries that are facing the adverse impacts of climate change, such as extreme weather events, sea-level rise, and other related phenomena. It focuses on addressing the loss and damage caused by climate change, which cannot be prevented or mitigated through adaptation measures alone.
2) It is managed by the Global Environment Facility (GEF).
This statement is incorrect. The Loss and Damage Fund is not managed by the Global Environment Facility (GEF). The GEF is a financial mechanism that provides grants and concessional funds to support projects and programs that address the global environmental issues, including climate change. However, the Loss and Damage Fund operates under the guidance of the UNFCCC and its governing bodies, such as the Conference of the Parties (COP).
In conclusion, statement 1 is correct as the Loss and Damage Fund aims to ensure the rescue and rehabilitation of countries facing the effects of climate change. However, statement 2 is incorrect as the Loss and Damage Fund is not managed by the Global Environment Facility (GEF).
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Community Answer
Consider the following statements regarding the Loss and damage fund: ...
Recently, on the opening day of the Conference of the Parties (COP28) climate conference in Dubai, a loss and damage fund to help vulnerable countries cope with the impact of climate change has been officially launched.
- It was first announced during COP27 in Sharm el-Sheikh, Egypt.
- It is a global financial package to ensure the rescue and rehabilitation of countries facing the cascading effects of climate change.
- The term refers to the compensation that rich nations, whose industrial growth has resulted in global warming and driven the planet into a climate crisis, must 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.
- The changing climate has impacted lives, livelihoods, biodiversity, cultural traditions, and identities.
- Loss and damage is often categorised as either economic or non-economic.
- Economic loss and damage are negative impacts that one can assign a monetary value to. These are things such as the costs 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.
- Non-economic loss and damage are negative impacts where it is difficult or infeasible to assign a monetary value.
- These are things such as trauma from experiencing a tropical cyclone, loss of community due to displacement of people, or loss of biodiversity,”
- The World Bank will oversee the loss and damage fund in the beginning, with the source of funds being rich nations, such as the US, the UK and the EU, as well as some developing countries.
Hence only statement 1 is correct.
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