What does the term "loss and damage" refer to in the context of international climate negotiations, and what was a significant outcome at COP27 regarding this concept? Question 8 options: "Loss and damage" refers to the economic gains achieved by nations due to climate change, and at COP27, countries agreed to invest these gains back into fossil fuel industries. The term "loss and damage" describes the costs associated with transitioning to renewable energy, and COP27 saw the allocation of funds to subsidize this transition for developing countries. "Loss and damage" is the concept of compensating nations for the irreparable harm caused by climate change, such as loss of income and biodiversity, and COP27 marked the agreement to set up a fund for financial assistance to nations stricken by climate disasters. It signifies the environmental benefits of global warming, like longer growing seasons in colder regions, and COP27 established a fund to support countries in exploiting these benefits. The term represents the profit made by countries from carbon trading and, at COP27, an agreement was made to redistribute these profits to less developed nations