What’s in the news?

• The 27th UN Conference of Parties (COP27) has agreed to establish the special Loss and Damage Fund. 
• The Fund will help to make up for the losses suffered by developing nations that are vulnerable to climate change. 
• Financing or a new fund to deal with loss and damage — for example money needed for relocating people displaced by floods — was a long-pending demand of poor and developing countries, including India.
• Developed nations, particularly the US, had opposed this new fund over fears that it would hold them legally liable for massive damages caused by climate change.

reference:

https://newsonair.gov.in/News?title=COP27-agrees-to-establish-special-Loss-and-Damage-Fund&id=451125