In a significant development, the United Nations Transitional Committee (TC) has reached an agreement on recommendations for establishing a new loss and damage fund to assist countries vulnerable to climate change.
A recent article (link below) from the International Peace Institute (IPI) provides background information and outlines the next steps.
The fund’s fate will be determined at the upcoming United Nations annual climate conference (COP28), adding a crucial dimension to the larger global climate negotiations. The decision presents a unique opportunity for the World Bank to showcase its commitment to climate change action (subject to review after an interim period).
“… an unprecedented opportunity for the Bank’s new leadership to demonstrate its commitment on climate change and its new “evolution” process.”
Organisation and authors behind the article
Jimena Leiva Roesch, Director of Global Initiatives and Head of Peace, Climate, and Sustainable Development, IPI.
Michael Franczak, Research Fellow in the division of Peace, Climate, and Sustainable Development at IPI and a Visiting Fellow in the Department of Philosophy at the University of Pennsylvania.
The Global Challenges Foundation supports the International Peace Institute.