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The working paper explains the progression of Loss and Damage negotiations from 1991 to the establishment of the Loss and Damage Fund in 2022. The paper delves into the scope of Loss and Damage, which encompasses both economic and non-economic losses. It emphasises that while assessing the economic costs of loss and damages has been relatively straightforward, determining non-economic costs has been more contentious. Various factors contribute to the difficulties in evaluating and assessing non-economic losses, including the global politicisation of the debate, a divergence of interests, and legal challenges in attributing liability. It discusses the current gaps in addressing loss and damage, particularly the gendered impacts of loss and damage and that the Loss and Damage Fund might not be enough to fully cover all the losses and damages resulting from a climate event. The paper offers recommendations to address identified gaps and discusses how the Loss and Damage Fund can be tailored to meet the needs and priorities of developing countries that are most affected by climate change.