Loss and damage fund

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FOLLOWING two weeks of hectic negotiations, countries have agreed at the COP 27 Climate Summit, Egypt, to set up a loss and damage fund to help poor countries being battered by climate disasters.

Climate change is a global emergency and heavy responsibility indeed rests with industrialised nations to contribute significantly to tackle its impacts in an effective manner.

While establishment of loss and damage fund is a welcome step in the right direction but it must also be ensured that it does not meet the same fate as that of Paris Agreement as history is testimony to the fact that world community has often faltered on its commitments.

The way global warming is wreaking havoc across the world and the most recent manifestations were seen in recent devastating floods in Pakistan and threatening famine in Somalia, it is important that the fund is established without any delay with generous donations from rich countries so that help could immediately be extended to countries recently affected by climatic disasters.

Of course, reducing carbon dioxide emissions is still hugely important to reduce or slow the changes to environment, but there must also be a focus on how to prevent damages due to climate change that is taking place with a rapid pace.

Development of necessary infrastructure, though expensive, is really critical and needs to be in place to mitigate all of these risks.

It is estimated that four hundred and fifty billion dollars is required by 2030 to effectively prepare for adaptations.

Hence this loss and damage fund is very important for survival of poor countries like Pakistan to rebuild in a more adaptive manner to prevent any recurrence of damages.

Rich countries are responsible for climate change, hence they are duty bound to provide maximum resources so that poor countries can better prepare themselves for future disasters.

This most threatening issue is staring us in the face and there is no time to waste. It is time to join hands and ensure greater cooperation and coordination to protect our planet earth.

 

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