Loss & Damage Fund’s First Meeting in April

The Loss and Damage Fund, a crucial initiative for developing nations, has announced its first board meeting, which will take place in late April.

This fund, approved last year during COP28, is intended to offer financial support to countries that are most vulnerable to and affected by climate change.

The board members, including Peter Abraham Jr of Antigua and Barbuda, will convene in Abu Dhabi, United Arab Emirates, from April 30 to May 2, 2024, to discuss its implementation.

The World Bank will host the fund’s secretariat and provide trustee services, and a formal plan to make the World Bank the Loss and Damage fund’s financial intermediary must be approved by the board by mid-April.

The hosting arrangement with the fund’s board should be agreed upon by the end of July.

While the operationalization of the Loss and Damage fund is a monumental step, advocates claim that it will require billions to effectively aid countries most impacted by climate change.

As of now, the fund has received approximately US$700 million in pledges, including US$17.5 million from the United States and $100 million from the United Arab Emirates.