Last November, States that took part in COP27 in Sharm El-Sheikh agreed to pass a new funding arrangement for responding to loss and damage associated with the adverse effects of climate change. Loss and damage (L&D) refers to the monetary and non-monetary losses and damages that people have experienced and will experience due to sudden and slow-onset events. Economic, or tangible, L&D includes the loss of property and livelihood, changes in labor and agricultural productivity, cost of medical treatments associated with climatic events, and so forth.