World Bank’s new fund to assist climate-affected vulnerable countries
The World Bank’s Board of Executive Directors approved a plan to act as interim host of a fund that will provide financial support to developing countries impacted by climate change.
World Bank announced its role as an interim host through a press release.
At COP28, 198 countries agreed to establish a fund to provide financial support to the most vulnerable countries affected by climate change. Since the conference, the World Bank has worked to establish the fund as a financial intermediary fund (FIF) hosted by the bank for an interim period of four years.
The bank said in a statement that their decision “represents a major milestone on the path towards operationalizing the fund, in collaboration with the Board of the Fund for responding to Loss and Damage.”
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The fund board operates independently of the World Bank and has its own governance structure. It will set key priorities, such as financing decisions, eligibility criteria, and risk management policies. It is expected to become operational in the coming months.
Read more: Clean energy investments for emerging nations among top agenda of COP29
As a trustee, the World Bank has made it clear that it will not be involved in fundraising, funding allocation decisions, or the identification, preparation, appraisal, implementation, or monitoring of projects financed by the fund.
Implementing entities and direct access recipients will be solely accountable to the fund’s board for the end use of money, including fiduciary, environmental, and social aspects.
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