The United Nations has announced that the first board meeting of the Loss and Damage Fund will take place in late April.
The loss and damage fund, approved last year during COP28, has been a key priority of developing states—including Antigua and Barbuda—and will aim to provide financial assistance to nations most vulnerable to and impacted by climate change.
According to the UN website for the fund, board members which includes Antigua and Barbuda’s Peter Abraham Jr will meet from 30 April to 2 May 2024 in Abu Dhabi, United Arab Emirates.
The World Bank, which is slated to host the fund’s secretariat and provide trustee services, says the board must approve a formal plan to become the Loss and Damage fund’s financial intermediary by mid-April.
They also state that a final agreement with the fund’s board on the hosting arrangement will need to be agreed by the end of July.
Advocates for the loss and damage fund have claimed that while operationalizing the fund is a historic step, it will need billions 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.