Can the World Bank Deliver on Climate Change? Testing the Evolution Roadmap through Loss and Damage Michael Franczak | April 2024 EXECUTIVE SUMMARY The establishment of a new Loss and Damage Fund The World Bank also has an essential role in addressing and Funding Arrangements at COP27 and the Fund’s L&D as the host of the Loss and Damage Fund. [...] Some developing countries were skeptical of Bank engaged in the Transitional Committee process as the Bank’s commitment and feared that the Fund would a potential host and trustee for the Fund, a member of a be bound by the Bank’s rules and culture. [...] takes place against the backdrop of efforts to address L&D within and beyond the UN climate regime, including Finally, the World Bank contributes to addressing L&D through the “mosaic approach.” The mosaic recognizes as a member of the High-Level Dialogue. [...] Priority actions early- to medium-term recovery the agreement on the Loss and Damage for the High-Level Dialogue window, when humanitarian Fund is fully implemented and that the include resource mobilization, agencies have left and the real High-Level Dialogue translates into institutional protocols, and work of reconstruction and high-level action. [...] One of the key components of the Bank’s that the agreement on the Loss and Damage Fund is fully evolution is the introduction of climate-resilient debt implemented and that the High-Level Dialogue results clauses, or “pause clauses,” to existing and new loans.
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