Climate Finance and Operationalizing Loss & Damage Mechanisms
COP29 marked a turning point in global climate finance and efforts to address loss and damage—a critical demand of developing nations, including India. The summit focused on mobilizing large-scale funding for climate action and refining the mechanisms to help countries recover from climate disasters.
Background
- The Warsaw International Mechanism (WIM) for Loss and Damage (2013) laid the groundwork for discussions, but only at COP28 did concrete funds become part of the negotiation outcomes.
- India, Alliance of Small Island States, and LDC groups have consistently demanded grant-based, predictable, and equitable finance mechanisms for loss and damage tied to historical responsibility and capacity ....
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