Reported 11 months ago
The World Bank's board has approved hosting a fund to provide financial support to developing countries impacted by climate change. The 'Loss and Damage' fund, established in principle in 2022 and receiving pledges since 2023, will be temporarily housed in the World Bank for four years with an independent governance structure. Climate activists urge quick fund disbursement to assist areas affected by extreme weather events caused by carbon emissions from richer nations.
Source: YAHOO