In December 2023, COP28 established the Loss and Damage Fund (LDF) with $700 million
pledged by developed nations to support developing countries facing climate change impacts.
However, delays in nominating members postponed the first LDF Board meeting to May, where
tensions arose over the World Bank’s role as a financial intermediary host.
Developing nations put forth conditions for the World Bank’s involvement, but the Bank resisted
full compliance, causing clashes.
The Board finally adopted a 2024 Workplan, but key issues remain unresolved.
The second Board meeting in July will address the World Bank’s role and fund access, with
further meetings expected before COP29 in November 2024.
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