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World Bank to host new climate fund that’ll support affected countries

IndiaTimes Monday, 6 November 2023
The World Bank has been chosen to host a new fund for loss and damage (L&D) caused by climate change. The fund, which will support developing countries impacted by climate change, will be based on voluntary contributions from wealthy nations. The World Bank will serve as a financial intermediary fund for an interim period of four years. The agreement, reached at a UN transitional committee meeting in Abu Dhabi, is seen as a significant step forward in providing grant-based financing for reconstruction and relocation after extreme weather events. The fund will come into force after being adopted by over 195 countries at the UN climate change conference.
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