Can the World Bank Deliver on Climate Change? Testing the Evolution Roadmap through Loss and Damage

The World Bank engaged in the Transitional The World Bank also has an essential role in Committee process as a potential host and trustee addressing L&D as the host of the Loss and Damage for the Fund, a member of a new “High-Level Fund. [...] The implementation of the Fund countries were skeptical of the Bank’s commitment and Funding Arrangements is the first big test of the and feared that the Fund would be bound by the World Bank’s commitment to evolving its policies, Bank’s rules and culture. [...] To ensure damage takes place against the backdrop of efforts to that their concerns would be addressed, the address L&D within and beyond the UN climate developing countries in the Transitional Committee regime, including through the “mosaic approach.” outlined a set of conditions and safeguards that the The mosaic recognizes that existing resources and World Bank would have to meet to host the Fu. [...] The Bank is involved playbook, and new resources—to guide a “bigger, in loss and damage in three key areas: as the Fund’s better, and faster” bank, in the words of President host, as a member of the High-Level Dialogue, and Ajay Banga.3 This included a new crisis and disaster as a direct provider of L&D funding. [...] Thus, the Bank’s involvement in addressing The paper begins by providing the context of the World Bank’s engagement with loss and damage, 1 COP27 and CMA 4 (2022) agreed to establish a new Fund and Funding Arrangements for loss and damage and established a transitional committee (TC) to make recommendations on their operationalization.