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World Bank to Administer Loss and Damage Fund, As Al Jaber Hails Agreement

COP28 President-designate and Minister of Industry and Advanced Technology, Dr Sultan Al Jaber, welcomed an agreement reached in Abu Dhabi on Saturday, November 4, 2023, by a special UN committee, the fifth Transitional Committee Meeting on the Loss and Damage Fund.

The transitional committee agreed on several recommendations that will be considered by governments at COP28 which starts in Dubai in just a few weeks.

The loss and damage fund was established at COP27 last year but governments have struggled to adapt it with the extra round of talks in Abu Dhabi scheduled for this weekend after an agreement eluded negotiators in Egypt last month.

“This clear and strong recommendation to operationalize the loss and damage fund and funding arrangements paves the way for agreement at COP28,” said Dr. Al Jaber.

“Billions of people’s lives and livelihoods who are vulnerable to the effects of climate change depend upon the adoption of this recommended approach at COP28.”

The fund aims to help countries – particularly those most vulnerable – deal with the irreversible damage from climate change.

The committee recommended the World Bank administer the fund for an initial period, but some developing countries had viewed this proposal as potentially representing the interests of Western countries.

The committee also urged developed countries to provide support to the fund, Reuters reported. It is understood that whether wealthy nations would be under strict obligations to contribute has not yet been resolved.

Jennifer Morgan, Germany’s climate envoy, said it was “great news” that an agreement had been signed off.

Writing on X, formerly Twitter, Ms. Morgan said Germany “stands ready to fulfill its responsibility – we’re actively working towards contributing to the new fund and assessing options for more structural sources of financing and calls on all other countries able to contribute to do the same”.

Eamon Ryan, Ireland’s climate minister, highlighted that “not everyone will be happy but we can now sign off on it” at COP28 and set it up quickly.

The Association of Small Island States, which represents 39 small island and low-lying coastal developing states, said: “It has been a long road to ensure we keep the … fund moving towards fruition – our work is far from done. Aosis will not rest until this fund adequately supports the victims of the climate crisis”.

Further debate about the issue is now expected at COP28.


By Dare Akogun

Dare Akogun

Dare Akogun is a dynamic media innovator, strategic communication professional, and seasoned climate and environmental sustainability journalist with over 10 years of influential contributions to the media industry.

He Currently serving as the Head of Digital Media, Senior News Editor, and a presenter at Sobi FM 101.9, a leading radio station in Ilorin, Nigeria.

Dare is on a mission to leverage his media innovation expertise and project management skills to produce high-quality, accurate, and engaging content, while advocating for reduced fossil fuel consumption, especially coal, to combat effect of global warming.

He has covered comprehensively environmental issues and COP conferences, including COP28 in Dubai last year , COP 27 in Egypt, and the United Nations Least Developed Countries conference in Doha, in 2023.

He is a recipient of fellowship to be part of a 15 team of journalists selected worldwide to cover the Berlin Energy Transition Dialogue 2024.

He has a Master's Degree in Mass Communication, from the University of Lagos, a Bachelor's Degree in Journalism from the Lagos State University and also a
Certification in Business Administration and Management, from the Babson College, Massachusetts, United States of America.

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