BLOG 2 WORLD WAITED FOR THIS TOO LONG: INDIA ON L&D AT COP 27
After three decades of pushing for compensation for 'Loss and Damage' caused by climate change, the 27 th Conference of Parties adopted the proposal. The parties agree to utilize the Santiago Network , established at COP 25 and to establish and operationalize a Loss and Damage fund particularly for nations most vulnerable to the climate crisis after nearly 40 hours of negotiation beyond the prescribed Friday deadline. A ‘transitional committee’ has been formed to work out the modalities regarding who will manage the fund, whether contributions are expected from large developing countries and what the fair share of contributors will be. The committee will make recommendations to enable the actual adoption of the fund at the next Conference of the Parties (COP) of the U.N.’s Framework Convention for Climate Change, to be held in the United Arab Emirates next year. India reacted to this by saying that World has waited for this too long. The agreement and pledges made on loss...