Hanne Louise Knaepen

My comment on the draft decision text on the Loss and Damage Fund "The new draft decision text on operationalizing the Loss and Damage Fund mirrors the Transitional Committee's final recommendations. However, this decision falls short of fully addressing developing nations' concerns, including the proposal to designate the World Bank as an interim host. "While the decision’s adoption at COP28 is likely, it is crucial to simultaneously enhance its financial scope—necessitating hundreds of billions of dollars annually—and establish a process for initial capitalisation and periodic replenishment. This step is essential to efficiently channel funds to those battling climate catastrophes. Moreover, the ongoing Global Stocktake (GST) and discussions about the new climate finance goal must address these significant gaps. "The World Bank has, in principle, agreed to the conditions proposed by developing countries, which include enhanced access and independent decision-making for the fund. It must be held accountable to revise its policies to meet these commitments and to effectively deliver finance to vulnerable communities and countries during its tenure. Any deviation from these commitments must result in the World Bank losing its role as the interim host of the new fund." - Harjeet Singh, head of global political strategy at @CANIntl Draft Decision: unfccc.int/documents/634215 #COP28 #COP28UAE #LossAndDamage PC: IISD/ENB - Kiara Worth @kiaraworth