The United Nations has announced that the first board meeting for the Loss and Damage Fund will take place from 30 April to 2 May 2024.
The loss and damage fund, approved last year during COP28, has been a key priority of developing states—including Antigua and Barbuda—will aim to provide financial assistance to nations most vulnerable and impacted by the impact of climate change.
According to the UN website for the fund, board members — Antigua and Barbuda will be represented by Peter Abraham Jr – will meet in Abu Dhabi, United Arab Emirates.
The World Bank, which is slated to host the fund’s secretariat, and to provide trustee services for the fund, says an approval of a formal plan to become the Loss and Damage Fund’s financial intermediary will need to be approved by the World Bank’s board by mid-April.
It also state that a final agreement with the Fund’s board on the hosting arrangement will need to be completed by the end of July.
Advocates for the Loss and Damage Fund have claimed that while the operationalisation of the Fund is a historic step, it will need billions of dollars to adequately help countries that suffer the greatest impact of climate change.
At this stage, the Fund has received around US$700 million in pledges, including US $17.5 million pledged by the United States and $100 million from the United Arab Emirates.