The United States has now withdrawn from the board of the recently-created Fund for responding to Loss and Damage (FRLD), a mechanism designed to provide financial support to countries facing the devastating impacts of climate change disasters.
- This decision is part of a series of steps taken by the Donald Trump administration to disengage from international climate change initiatives, following its exit from the Paris Agreement, halting participation of its scientists in IPCC meetings, and cancelling previously committed funds for the Green Climate Fund.
About Loss and Damage Fund
- Purpose of the Loss and Damage Fund:
- Established at COP27 in Egypt in 2022 after prolonged negotiations.
- The following year, at COP28, countries reached a historic agreement on the operationalization of this fund.
- Aims to assist vulnerable nations—particularly developing countries and small island states—that suffer from climate-related disasters such as rising sea levels, heatwaves, desertification, sea acidification, bushfires, species extinction, and crop failures.
- Financial Commitments:
- Approximately $750 million has been pledged for the fund.
- The US had contributed $17.5 million before its recent withdrawal.
- Operational Oversight:
- The World Bank will oversee the overall coordination of the fund, ensuring that resources are efficiently allocated and supporting countries in their recovery from natural disasters.
(UNEP & TOI)
