The new UN Loss and Damage Fund aims to be a game-changer in climate finance by providing quick and direct relief to regions affected by climate disasters like floods, droughts, and heatwaves.
Bob Berwyn reports for Inside Climate News.
In short:
- The new climate fund board will include 14 members from developing countries and 12 from developed nations, with the World Bank acting as its temporary host.
- Concerns persist regarding the World Bank's history and potential influence, though progress has been made toward meeting UNFCCC conditions.
- With no clear funding goal set, the fund is expected to raise substantial amounts and has received pledges totaling $661 million so far.
Key quote:
“If you don’t have a vision of a trillion dollar fund, if you create a fund which is just channeling a couple of millions, sorry, it’s a disrespectful waste of time.”
— Harjeet Singh, Fossil Fuel Non-Proliferation Treaty Initiative
Why this matters:
The fund represents a pivotal shift toward addressing climate damage in developing nations, which have contributed the least to climate change but face disproportionate consequences. Read more: Mourning family and climate change in the age of loss and damage.
