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In a win for India, COP28 okays loss & damage fund
Business Standard
|December 01, 2023
On the first day of the Conference of Parties (COP28) in Dubai, the landmark loss and damage fund (LDF) was approved in just hours of the premier climate conference starting its negotiations.
With a resounding ovation by 190-member countries, this first-of-its-kind climate compensation fund was approved by the COP28 Presidency.
India, since the last COP, has been a strong votary of the LDF. The Indian delegation led by the environment, forest and climate change (MoEFCC) ministry voted in favour of the LDF, citing the support it will give to poorer countries, especially those facing the wrath of global warming.
Environment Minister Bhupendra Yadav said the decision would prove to be a landmark move. "India strongly supports the decision to operationalise the Loss and Damage Fund taken at the opening plenary of COP28," he said.
This story is from the December 01, 2023 edition of Business Standard.
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