Aurélia Blin

Board Approves World Bank’s Role as Host and Trustee for the Fund for Responding to Loss and Damage Historic Fund will assist developing countries hit by adverse effects of climate change The World Bank’s Board of Executive Directors today approved the World Bank’s role as interim secretariat host and trustee of a fund for responding to loss and damage caused by climate change. 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. Today’s 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. https://lnkd.in/eCMPb7B8

Ensuring Accountability in Climate Change Funding: A Path to Sustainable Progress Overview Significant financial resources are mobilized globally to support climate change mitigation and adaptation. However, who ensures these funds are used responsibly? This article explores mechanisms for ensuring accountability in climate change funding and the challenges that persist. International Frameworks and Agreements The Paris Agreement, established in 2015, requires countries to reduce greenhouse gas emissions and report progress through nationally determined contributions (NDCs). The United Nations Framework Convention on Climate Change (UNFCCC) oversees these commitments, providing international scrutiny. National Policies and Independent Audits At the national level, countries implement legislation to meet international climate commitments. Independent audits by national or international bodies provide objective assessments, ensuring funds are used for their intended purposes. Transparency Mechanisms Transparency is crucial for accountability. Governments and organizations must publicly report their actions and expenditures. Initiatives like the Climate Transparency Initiative provide accessible data for tracking progress