A 26-member board is convening to establish operational guidelines for the UN's loss and damage fund.
Key decisions include selecting a host country, defining recipient eligibility, and determining the World Bank's role as a potential fund manager.
Initial disagreements have emerged over the World Bank's conditions for managing the fund, complicating the process.
Key quote:
“There’s sort of the elephant-in-the-room question, which is when is the fund actually going to get meaningful amounts of money.”
— Brandon Wu, director of policy and campaigns, ActionAid USA
Why this matters:
The anticipated guidelines will likely grapple with equitable distribution of resources and the prioritization of projects. This goes beyond mere fiscal responsibility; it's about carving a pathway to resilience for communities that have borne the brunt of a warming planet without contributing significantly to its cause. There's a palpable hope that the fund, once operational, will not only compensate for losses but also fortify against future damages, incorporating health considerations as part of its environmental calculus.
Two weeks ahead of a highly-anticipated climate finance summit, most developed country leaders have not confirmed their attendance, sparking concerns they are not taking it seriously.
The world’s top fossil fuel companies owe at least $209bn in annual climate reparations to compensate communities most damaged by their polluting business and decades of lies, a new study calculates.
After a career as a social activist for Afro-Colombians and climate justice, Francia Márquez Mina decided to run for the vice presidency — and won. Her next goal: getting global superpowers to pay reparations.
