The World Bank, with a history of questionable impacts on developing nations, is now overseeing a climate reparations fund, raising concerns about its effectiveness and trustworthiness.
Developing countries express distrust in the World Bank due to its U.S.-dominated structure and past failures, fearing the fund's management may not align with their needs.
The fund's bureaucratic and costly management style, coupled with the World Bank's track record in fossil fuel investments, adds to the skepticism about its role in combating climate change.
Key quote:
"The structure of the international organizations [like the World Bank] reflects a global power structure that is no longer the case, no longer true."
— Paul Cadario, Distinguished Fellow, University of Toronto
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Negotiators from around the world are converging on Bonn, Germany, for a climate change conference. One goal of the talks is to hash out the details for a new fund to pay for loss and damage experienced by poorer nations due to climate change.
The United States is now seen as the biggest obstacle to what poor countries want most out of these talks — a new fund dedicated to help them bounce back from climate disasters.
