Climate Change: Insurance For ‘Loss and Damage’ is a Puzzle
The UN climate talks, the COP23 concluded in November without deciding how climate adaptation measures will be funded in vulnerable countries such as Bangladesh. The discussion on the matter was put on hold until next year’s climate summit. Also, the parties attending COP 23 expressed the need for another year to finalise the guidelines for implementing the 2015 Paris Agreement by 2020. This followed a rejection by the developed countries of a demand for finance to cover climate change-induced Loss and Damage in vulnerable developing countries. However, the United Nations Framework Convention on Climate Change (UNFCCC) finally integrated 'Loss and Damage' in its current agenda, considered as a third pillar in the worldwide effort to combat climate change, along with mitigation and adaptation. The issue of ‘Loss and Damage’ has emerged because the existing mitigation commitments and actions are inadequate to prevent dangerous climate change-related impacts. Like ot...