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US exits fund to compensate poor countries for losses due to climate change
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....S exits fund to compensate poor countries for losses due to climate change<BR>PTI News<BR>Dated:- 7-3-2025<BR>PTI<BR>New Delhi, Mar 7 (PTI) The United States has withdrawn from a fund where developed nations contribute money to compensate developing countries for losses suffered due to climate change. As of January 23, a total amount of USD 741 million has been pledged to the fund by 27 contribut....
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....ors, with the US contributing USD 17.5 million. In an official communication to Jean Christophe Donnellier, Developed Country Co-Chair of the Fund for Responding to Loss and Damage, Rebecca Lawlor, Deputy Director at the US Office of Climate and Environment, wrote: "On behalf of the United States Department of the Treasury, I write to inform you that the United States is withdrawing from the boar....
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....d for the Fund for Responding to Loss and Damage, effective immediately." "Both the United States board member and United States alternate board member will be stepping down, not to be replaced by a US representative," the letter read. The African Group of Negotiators (AGN), which represents African countries in international climate negotiations, expressed deep disappointment over the US withdr....
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....awal. "This decision, made by the nation with the largest historical responsibility for climate change, jeopardises vital support for vulnerable countries facing irreversible climate impacts," AGN Chair Ali Mohamed said. After years of advocacy by developing and least-developed countries suffering from climate change, nations agreed to establish the fund at the UN climate conference in Sharm El-....
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....Sheikh, Egypt, in 2022. At COP29 in Baku in 2024, countries decided to operationalise the fund from January 1, 2025. Dhruba Purkayastha, Director-Growth and Institutional Advancement at the Council on Energy, Environment and Water, said all large historical emitters have a moral and economic obligation to lead, not retreat, on climate action and it is even more imperative now for the other Organ....
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....isation for Economic Co-operation and Development (OECD) countries to step up in their climate action. "The world needs to look at a long-term, sustainable resourcing strategy for the Fund for Responding to Loss and Damage to provide restitution for the damage stemming from climate-change impacts. Furthermore, new geography-wide insurance schemes should be developed to protect vulnerable countrie....
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....s and communities," he said. Climate activist Harjeet Singh said, "The decision by the Donald Trump administration to withdraw from the new Fund for Responding to Loss and Damage not only exemplifies a longstanding pattern of obstruction by the US government in securing necessary finance for addressing climate impacts, but also undermines global efforts to deliver climate justice." "As the large....
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....st historical emitter, the United States bears a significant share of the blame for the climate adversities affecting vulnerable populations worldwide. We must hold them accountable and ensure that they contribute their fair share towards global climate reparations," he said. Since returning to the Oval Office, Trump has withdrawn the US from the Paris Agreement and the Just Energy Transition Par....
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....tnerships (JETPs), a multilateral initiative launched at COP26 in Glasgow in 2021, under which developed countries help coal-dependent developing countries' transition to renewable energy. PTI GVS RC<BR> News - Press release - PIB....