What is the primary objective of the Loss and Damage Fund operationalized under the UN Climate Mechanism?
AFunding space solar panels in developing countries
BProviding financial assistance to vulnerable nations experiencing severe economic loss from climate-induced disasters
CPaying off sovereign debts of oil-producing countries
DSubsidizing electric passenger cars in Europe
Explanation
• The Loss and Damage Fund was established at COP27 and officially operationalized at COP28/COP29 to compensate climate-vulnerable developing nations (like Pakistan) facing irreversible climate damage.
• The World Bank was selected as the interim host trustee of the fund for an initial period of four years.
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