US Withdrawal from Loss and Damage Fund

US Withdrawal from Loss and Damage Fund

The United States has decided to withdraw from the Loss and Damage Fund (LDF), deepening its disengagement from global climate commitments such as the Paris Agreement and the Green Climate Fund.

About the Loss and Damage Fund (LDF):

• Established at the UN Climate Change Conference (COP 27) in Egypt, the LDF aims to assist developing countries and small island nations facing climate-induced losses, such as rising sea levels, heatwaves, and extreme weather events. The fund is supported by contributions from developed nations.
• The fund is overseen by a Governing Board, with the World Bank serving as its interim trustee.
• As of now, nearly USD 750 million has been pledged to the LDF, with the US contributing USD 17.5 million before its withdrawal.

Implications of the US Withdrawal:
The withdrawal adds uncertainty for vulnerable nations, including India, which alone incurred USD 56 billion in weather-related damages between 2019 and 2023. This move complicates climate aid efforts and further strains the already tense North-South climate negotiations.

Tags : UPSC 2025 current affairs preparation, UPSC current affairs January 2025, UPSC 2025 daily current affairs, Best sources for UPSC current affairs 2025, UPSC 2025 current affairs for prelims, UPSC 2025 current affairs for mains, Important current affairs for UPSC 2025, UPSC current affairs strategy 2025, UPSC 2025 current affairs notes, UPSC current affairs PDF 2025, Current affairs for UPSC 2025 preparation, UPSC 2025 current affairs online classes, UPSC current affairs quiz 2025, How to study current affairs for UPSC 2025, UPSC 2025 current affairs magazines, Current affairs for UPSC 2025 prelims and mains, Current affairs updates for UPSC 2025, UPSC 2025 current affairs analysis, Current affairs for UPSC 2025 PDF download, UPSC 2025 current affairs important topics, UPSC reading comprehension tips, UPSC reading comprehension practice papers,  UPSC reading comprehension strategy, UPSC reading comprehension questions,  UPSC reading comprehension exercises,  How to improve reading comprehension for UPSC, UPSC reading comprehension question papers PDF,  Important reading comprehension topics for UPSC, UPSC reading comprehension passage solutions, UPSC reading comprehension best books, UPSC GS reading comprehension examples, UPSC Prelims reading comprehension preparation,