The `Loss and Damage` Fund was formed at the COP 27 global climate conference last year. A transitional committee was formed then to determine how the fund will be managed, who will perform its secretarial duties, and who will give money to the fund.
The committee has submitted a draft after discussions for the past year. After the inauguration of the 28th conference yesterday, the draft given by them was accepted.
According to this draft, the World Bank will perform the secretarial duties of this fund for the next 4 years. The money will come from the government funds of developed countries as well as from the private sector.
The Transitional Committee`s draft also provides for concessional loans, meaning that financial institutions such as the World Bank will be able to lend under the fund.
The experts objected saying, that every penny in this fund will be a grant or compensation. There is no loan facility here. Then the developing countries will get stuck in the net of more debt.
Mehedi Al Amin From United Arab Emirates
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