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The Loss and Damage fund, which was approved during COP28 last year, has been a top priority for developing countries such as Antigua and Barbuda.
The UN has now announced that the fund’s first board meeting will take place in late April. The purpose of the fund is to provide financial assistance to countries that are most vulnerable and severely impacted by the effects of climate change.
According to the UN website, the board members, which include Peter Abraham Jr from Antigua and Barbuda, will hold a meeting from 30th April to 2nd May 2024 in Abu Dhabi, United Arab Emirates.
The World Bank is slated to host the fund’s secretariat and provide trustee services for the fund. However, formal approval from the World Bank’s board to become the Loss and Damage Fund’s financial intermediary will be required by mid-April.
Advocates for the fund have hailed its operationalization as a historic step forward. However, they also claim that the fund will require billions of dollars to adequately assist countries that suffer the most from the impact of climate change.
The fund has so far received approximately US$700 million in pledges, including US$17.5 million from the United States and US$100 million from the United Arab Emirates.
The fund’s board aims to finalize a hosting agreement with the World Bank by the end of July.
Despite the positive steps taken so far, it remains to be seen how successful the fund will be in meeting its objectives and providing much-needed assistance to countries that are most vulnerable to the effects of climate change.
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