World Bank poised to host climate loss and damage fund, despite concerns
© Reuters. FILE PHOTO: The World Bank logo is seen at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 13, 2023. REUTERS/Elizabeth Frantz/File PhotoCountries moved a step closer on Saturday to getting a fund off the ground to help poor states damaged by climate disasters, despite reservations from developing nations and the United States.
A special U.N. committee tasked with implementing the fund met for a fifth time in Abu Dhabi this week - following a deadlock in Egypt last month - to finalise recommendations that will be put to governments when they meet for the annual climate summit COP28 in Dubai in less than four weeks' time. The goal is to get the fund up and running by 2024.
To get all countries on board, it was agreed the World Bank would serve as interim trustee and host of the fund for a four-year period. The committee also recommended that developed countries be urged to continue to provide support to the fund, but failed to resolve whether wealthy nations would be under strict financial obligation to do chip in.
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