Business and Finance
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Business and Finance
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The loss and damage fund should open for business in 2025. Will it be fit for purpose?

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2025 could see funds disbursed for the first time, but how will it work, who will benefit, and why is there so little money in its coffers?
The article from The New Humanitarian discusses the establishment of the Loss and Damage Fund, which was agreed upon at the COP27 climate summit in 2022 to aid countries most vulnerable to climate change impacts. Despite the urgency, the fund's operationalization has been slow, with ongoing debates about its structure, funding sources, and governance. Key points include the need for the fund to be accessible, adequately financed, and capable of delivering direct aid to affected communities. There are concerns about whether the fund will be fit for purpose by its intended start date in 2025, given the complexities in defining what constitutes "loss and damage," the eligibility criteria for aid, and the potential for bureaucratic delays. The article highlights the importance of ensuring that the fund does not just become another bureaucratic entity but a responsive mechanism that can effectively support those on the front lines of climate change.

Read the Full thenewhumanitarian Article at:
[ https://www.thenewhumanitarian.org/analysis/2024/12/10/loss-and-damage-fund-should-open-business-2025-will-it-be-fit-purpose ]