World Bank to Host Climate Loss and Damage Fund, Despite Concerns
The article discusses the progress made toward establishing a "loss and damage" fund to assist poor countries affected by climate disasters. While the deal to create such a fund was seen as a breakthrough at the United Nations climate talks in Egypt last year, there have been ongoing challenges related to fund details, including funding sources and the fund's location.
A special U.N. committee responsible for implementing the fund convened in Abu Dhabi to finalize recommendations for its establishment, with the goal of launching the fund by 2024. The committee's recommendation to have the World Bank serve as the trustee and host of the fund has raised concerns among some countries. They argue that housing the fund at the World Bank, with its U.S.-appointed presidents, could lead to an imbalance of influence and higher fees for recipient countries.
To address these concerns, the agreement suggests the World Bank's interim role as the trustee and host of the fund for a four-year period. While some countries, like Germany, express readiness to contribute to the fund and explore financing options, others remain critical of the decision.
Harjeet Singh, head of global political strategy at the nonprofit Climate Action Network International, voiced concerns about rich countries coercing developing nations into accepting the World Bank as the fund's host. He also criticized the lack of clarity regarding the financial obligations of wealthy nations in contributing to the fund.
The United States sought to clarify that contributions to the fund would be voluntary, but the committee did not include this clarification in the text. Despite this, the committee's recommendations are seen as paving the way for an agreement at the upcoming COP28 climate summit.
This article provides an overview of the ongoing negotiations and concerns related to the "loss and damage" fund, shedding light on the complexities and challenges involved in addressing climate-related issues on a global scale.
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