World Bank makes developing countries wait on Loss and Damage Fund demands

9 April 2024

After being confirmed as the interim host of the new Loss and Damage Fund at COP28 in November, the World Bank has yet to confirm it will be able to be meet the extensive list of conditions put forward by developing countries during negotiations (see Observer Winter 2023).

According to a February article in online publication Devex, the Bank will confirm by June whether it can meet these asks. However, civil society advocates said there is a chance the process may be further delayed.

“Without significant changes to its policies and procedures, the World Bank is not fit for purpose to host the L&D Fund,” said Brandon Wu of ActionAid USA. “Any delays in meeting the conditions set by the Fund’s Transitional Committee to ensure the Bank can serve the purposes of the Fund, rather than vice versa, are a major red flag.”

The Loss and Damage Fund’s first board meeting is now slated to take place from 30 April – 2 May, after wealthy countries initially stalled in appointing executive directors to the new fund.