Board Approves World Bank’s Role As Host And Trustee For The Fund For Responding To Loss And Damage

In a historic decision at COP28, an agreement was reached by 198 countries to move forward with a fund to provide financial support to vulnerable countries hardest hit by climate impact.

Since COP28, the World Bank has worked with urgency to operationalize the Fund as a World Bank hosted financial intermediary fund (FIF) for an interim period of four years.

This 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.

The World Bank welcomes the Board’s decision and the role of the new Fund in providing both much needed support and hope to poor and vulnerable people and communities in countries hardest hit by climate impacts.