Countries came to an agreement on a set of recommendations for how a loss and damage fund would function over the weekend.
A loss and damage fund to assist developing countries most vulnerable to climate change was agreed at the eleventh hour at COP27 last year in Egypt.
Recent talks were reported to have ended in failure with the US and EU raising concerns over the fund and an agreement not being reached. However, on Sunday 5 November the fifth meeting of the transitional committee in Abu Dhabi culminated in an agreed set of recommendations for the fund, which will now have to be considered at COP28 in Dubai later this month.
The committee agreed the World Bank will administer the funds in the first instance, a decision that has called into question an emphasis on developed nations and has invited parties to submit nominations of representatives for membership of the board that will oversee and govern the fund as soon as possible. The first board meeting is to be held no later than 31 January 2024.
COP28 president-designate Dr Sultan Ahmed Al Jaber welcomed the agreement in a post on Twitter (‘X’). “This clear and strong recommendation to operationalise the loss and damage fund, and funding arrangement, paves the way for agreement at COP28,” he said.