Consider the following Statements and choose the option

Solution

Loss and damage funding which is agreed upon by COP 27 refers to financial compensation that directly addresses unavoidable climate change catastrophes that developing countries are particularly vulnerable to. The Loss and Damage Fund will help to make up for the losses suffered by developing nations that are vulnerable to climate change. Parties also agreed on the institutional arrangements to operationalize the Santiago Network for Loss and Damage, to catalyze technical assistance to developing countries that are particularly vulnerable to the adverse effects of climate change. The vision of the Santiago Network is to catalyze the technical assistance of relevant organizations, bodies, networks and experts, for the implementation of relevant approaches for averting, minimize and addressing L&D at the local, national and regional level, in developing countries that are particularly vulnerable to the adverse effects of climate change. At COP 25 in Madrid, Spain Parties established the Santiago network as part of the WIM. At COP 26 in Glasgow, UK Parties decided on the functions of the Santiago Network and issued a call for submissions.