After years of advocacy, a breakthrough was achieved at the United Nations climate change conference as leaders unanimously agreed to establish a climate reparations fund for developing countries. However, the real work now begins to set up and operationalize the fund.
The board responsible for managing the fund is meeting to discuss various policies and decisions, from selecting co-chairs to determining eligibility criteria for funding. With only six months until the next UN climate conference, there is a sense of urgency to make progress.
Key decisions include whether the World Bank will help manage the fund, with developing countries expressing concerns about the bank’s past failures. If the bank cannot meet certain conditions set by the board, an independent fund may be established.
The fund faces challenges in determining eligible countries and raising sufficient funds to address the impacts of climate change. Ambitions for the fund are high, but the reality of funding needs raises questions about its effectiveness.
The road ahead is filled with complexities and uncertainties as stakeholders work towards a meaningful and impactful climate reparations fund.
