CNN —Countries have moved a step closer to getting a fund off the ground to help poor states damaged by climate disasters, despite reservations from developing nations and the United States.
The deal to create a “loss and damage” fund was hailed as a breakthrough for developing country negotiators at United Nations climate talks in Egypt last year, overcoming years of resistance from wealthy nations.
The committee, representing a geographically diverse group of countries, on Saturday resolved to recommend the World Bank serve as trustee and host of the fund — a tension point that has fueled divisions between developed and developing nations.
Housing a fund at the World Bank, whose presidents are appointed by the US, would give donor countries outsized influence over the fund and result in high fees for recipient countries, developing countries have argued.
To get all countries on board, it was agreed the World Bank would serve as interim trustee and host of the fund for a four-year period.
Persons:
Jennifer Morgan, — we’re, ”, Harjeet Singh, “ Rich, “, Sultan Ahmed al, Jaber
Organizations:
CNN, United Nations, UN, Bank, Housing, World Bank, Berlin, Action, US State Department, Reuters
Locations:
United States, Egypt, Abu Dhabi, Dubai, COP28