background image

World Bank to host climate damages fund despite opposition from developing nations

author image

By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on CNN or enjoy below:

🗞️ Driving the news: A significant step has been taken towards establishing a fund to assist poorer states affected by climate disasters
• This development comes despite the reluctance of developing nations and the United States to move forward with the fund

🔭 The context: The "loss and damage" fund was seen as a major success for negotiators from developing countries at the UN climate talks in Egypt last year
• However, there has been a lack of consensus on key details such as funding sources and the fund's location

🌍 Why it matters for the planet: The establishment of this fund is crucial for providing financial aid to countries suffering from the adverse effects of climate change, which often lack the resources to recover from climate-induced disasters

⏭️ What's next: The UN committee responsible for implementing the fund has recommended the World Bank to serve as the trustee and host, albeit on an interim basis for four years
• This decision aims to get the fund operational by 2024, with further discussions expected at the upcoming COP28 summit in Dubai

💬 One quote: "It is a somber day for climate justice, as rich countries turn their backs on vulnerable communities," (Harjeet Singh from the Climate Action Network International)

Click for more news covering the latest on sustainable finance

Did you enjoy this illuminem voice? Support us by sharing this article!
author photo

About the author

illuminem's editorial team - providing you with concise summaries of the most important sustainability news of the day.

Follow us on Linkedin, Twitter​ & Instagram

Other illuminem Voices

Related Posts

You cannot miss it!

Weekly. Free. Your Top 10 Sustainability & Energy Posts.

You can unsubscribe at any time (read our privacy policy)