"Controversy Surrounds World Bank's Climate Loss and Damage Fund"

The World Bank is set to host a "loss and damage" fund aimed at helping poor countries affected by climate disasters, despite concerns from developing nations and the United States. The fund, which was hailed as a breakthrough at last year's UN climate talks, has faced challenges in reaching consensus on details such as funding and location. Developing countries have raised concerns about the World Bank's influence and high fees for recipients. To address these concerns, it was agreed that the World Bank would serve as an interim trustee and host for a four-year period. However, there is still disagreement on whether wealthy nations should have a strict financial obligation to contribute to the fund. The recommendations will be presented at the upcoming COP28 climate summit in Dubai.