Here's what you need to know about the agreement:WHAT IS 'LOSS AND DAMAGE'? In U.N. climate talks, "loss and damage" refers to costs being incurred from climate-fuelled weather extremes or impacts, like rising sea levels. Loss and damage funding is different, specifically covering the cost of damage that countries cannot avoid or adapt to. A few governments have made relatively small but symbolic funding commitments for loss and damage: Denmark, Belgium, Germany and Scotland, plus the EU. Some existing U.N. and development bank funding does help states facing loss and damage, though it is not officially earmarked for that goal.

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