How a climate 'loss and damage' fund can truly deliver on its promise
The decision to establish a loss and damage fund to provide financial assistance to countries affected by climate disasters was hailed as one of the biggest achievements at last year’s climate conference, or COP. One year later, reaching an agreement on how that fund will be operationalized is widely seen as a benchmark for success at COP 28.While negotiators managed to agree on a draft framework for the fund earlier this month, multiple points of tension remain. Developing countries and civil society organizations were disappointed with the proposal to house the fund in the World Bank, at least for an interim period, rather than as an independent fund under the United Nations Framework Convention on Climate Change, as well as the decision to limit eligibility for funding to small island states and least developed countries rather than all vulnerable countries.Harjeet Singh has been campaigning on this issue for years, and as the head of global political strategy at Climate Action Network International, a global network of NGOs fighting climate change, he’s now calling for rich countries to stop dragging their feet while climate-vulnerable countries pay the price.“That message of hope coming out of COP 28 is extremely important. We cannot arrive at a conclusion saying it’s a work in progress,” Singh said in the second episode of Devex’s Climate + podcast. “Now it’s about really delivering it to the people and for the people.”Climate + is supported by the World Bank. To learn more about efforts to end poverty on a livable planet, visit: https://www.worldbank.org/en/programs/the-world-bank-at-cop28