US Withdrawal From Climate Loss and Damage Fund

Recently, the United States announced its withdrawal from the Loss and Damage Fund. This fund was created to support developing countries facing the adverse effects of climate change. The decision has raised concerns among nations already suffering from climate impacts. The African Group of Negotiators expressed disappointment, denoting the US’s historical responsibility for climate change.

About the Loss and Damage Fund

The Loss and Damage Fund aims to provide financial assistance to vulnerable nations. It was established during the COP27 conference in 2022. The fund addresses both economic and non-economic losses due to climate change. These losses include rising sea levels, extreme weather events, and biodiversity loss. The fund is crucial for small island states and developing countries that face severe climate threats.

US Contributions and Impact

The United States contributed $17.5 million to the fund. This amount is part of a total of $750 million pledged by various countries. The US’s withdrawal is as it was one of the few nations that had already transferred its committed amount. The exit from the governing board raises questions about the future of financial support for vulnerable nations.

Global Reactions

The decision has drawn criticism from climate activists and international negotiators. They argue that the US, as the largest historical emitter of greenhouse gases, must take responsibility. Activists emphasise the need for accountability and fair contributions from developed nations. The African Group of Negotiators condemned the US’s exit, calling it a setback for global climate justice.

Relation to the Paris Agreement

The Loss and Damage Fund is closely linked to the Paris Agreement. This international accord aims to limit global warming to well below 2 degrees Celsius. It requires countries to report their climate actions every five years. The fund supports the goals of the Paris Agreement by providing necessary resources for adaptation and mitigation efforts in vulnerable regions.

Month: Current Affairs - March, 2025

Category: Environment Current Affairs