NEW DELHI: The World Bank on Tuesday announced the loss of financial aid, including a timeline for the establishment of the Financial Intermediation Fund (FIF), a multi-partner trust fund established and used by the international community to pool funds from many sources. We have also opened a page regarding damage funds.
and will be moved to the beach during a replenishment project in Wrightsville Beach, North Carolina. Beach nourishment, or beach filling, is the act of adding large amounts of sand or sediment to a beach to prevent erosion and increase the width of the beach. (AFP) {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
This will be completed by mid-April this year, after which the fund will be ready to host by June. At COP28, countries reached a historic agreement on the operation of a fund to address loss and damage associated with the negative effects of climate change.
Hindustan Times – Fastest source for latest news! Read now.
The objective of the Fund is to assist particularly vulnerable developing countries to cope with the economic and non-economic losses and damage associated with the negative effects of climate change, including extreme weather events and slow-onset events. . As a new channel for multilateral finance, the Fund will provide developing countries particularly vulnerable to the negative effects of climate change with new, additional, predictable and sufficient financial resources to address loss and damage. aims to support the mobilization of external funds. Help achieve sustainable development and eradicate poverty.
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
“The Fund will be operationalized over the coming months and will receive final approval at COP29. The World Bank will ensure that by early June 2024 the COP28 Presidency is willing and able to meet the set conditions. “The Fund is requested to review and submit the relevant FIF documents, including the Hosting Agreement, to the Fund Board by early August 2024,” it said on its website.
Regarding whether the World Bank will be one of the implementing bodies, he said that the Fund's Board of Directors will decide whether the World Bank will be one of the implementing bodies.
Harjeet Singh, global engagement director for the Fossil Fuel Treaty Initiative and a climate activist who has been closely following the damages negotiations, said: It is important to recognize that developing countries were essentially forced into joining this agreement. The World Bank, with its track record of prioritizing interests against the interests of developing countries, including heavy investments in the fossil fuel sector, a major driver of the climate crisis, lacks legitimacy for the role it purports to assume. . This arrangement should only be considered as an interim measure.
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
“It is essential that loss and damage funds operate with complete autonomy in the decision-making and implementation stages and that undue influence does not undermine their objectives. The transition to autonomous organizations is critical to effectively addressing current and future climate change challenges.”
HT reported on 26 October 2023 that the fourth meeting of the Loss and Damage Fund Transition Committee held in Aswan, Egypt, ended without a clear agreement on the operation of the fund, and that issues such as historical responsibility, climate change compensation, and rich countries The report revealed that there is a serious lack of trust among emerging countries. To make money that can be used for compensation.
The Third World Network (TWN), which was tracking the Aswan conference, said developed countries had taken strict positions on three issues, with the main issue being the location of the fund. Developed countries called for the fund to be hosted by the World Bank, but developing countries rejected the request, according to TWN, a nonprofit international research advocacy group.
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
Subsequently, on November 4, 2023, the HT agreed to allow developing countries to place their loss and damage (L&D) funds in the World Bank, but for a predetermined interim period, after which it would become an independent organization. He reported that he agreed.
On November 5, a document on the operation of a global reparations fund was adopted, but the United States insisted that it should be made clear that contributions to the fund are voluntary. At COP28 held in Dubai in December last year, an agreement was finally reached to begin operating the Loss and Damage Fund.
“As part of that decision, the World Bank was invited to “manage the Fund as a World Bank-sponsored Financial Intermediation Fund (FIF) for an interim period of four years.” “The World Bank's role is to host the Fund's secretariat and provide the Fund's fiduciary services,” the World Bank added on its website.
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} Unleash a world of benefits with HT! From insightful newsletters to real-time news alerts, personalized and Everything is here with just a click, right down to your newsfeed. – Log in here! Get the latest world news and latest news from India with Hindustan Times.News / World News / World Bank begins schedule for loss and damage financing
Source link
