WASHINGTON, Sept 21 (Askume) – The board of directors of a fund created to help countries deal with loss and damage caused by climate disasters has appointed Senegalese financial expert Ibrahima Cheikh Dionne as its first director, the World Bank announced on Saturday.
The election of Dueng, a dual US citizen, marks a major milestone in the governance of the new World Bank-administered fund , set to launch in 2022 and overcome years of resistance from rich nations to become the negotiator for developing countries in UN climate talks. A breakthrough.
Why is this important?
With the recent selection of the Philippines as the fund’s home and the appointment of Dion as director , the fund can begin converting the $800 million it pledged at the COP28 climate summit in Dubai last year into “tangible funds ready to be distributed” by the time the COP29 round of climate talks begins in Baku, Azerbaijan, in November. The COP29 president will call on countries to provide more funding.
situation
Loss and damage has long been a contentious issue in UN climate negotiations, with less developed countries calling for a new fund to help those suffering catastrophic losses from rising sea levels and storms in particular, while richer nations have called on concerned countries to provide a form of “compensation” for the impact on their share of greenhouse gas emissions .
Key Quotes
“The Loss and Injury Response Fund will have a significant impact on those who have been disproportionately affected, and I accept this responsibility with humility and a full commitment to service,” Dion said in a statement.
