Loss and Damage Fund (LDF) is set up at COP28 with contributions totaling $700 million. LDF addresses loss and damage caused by slow-onset events and extreme weather events. The fund's institutional host is currently the World Bank, but its operational independence is maintained. The funding needs of LDF are estimated to be billions of dollars annually, and developing countries require grants-based support. The eligibility criteria of LDF should balance fiscal burden, climate vulnerability, and the effective utilization of funds. India should actively engage in assessing L&D and establishing an independent board and secretariat for LDF.