A new climate fund aims to aid developing countries

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.

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