The World Bank’s Senior Managing Director, Axel van Trotsenburg, said that the Fund for Compensation to Vulnerable Countries Affected by Extreme Weather Events could become operational in less than three months.
“The Fund could be ready to distribute funds early next year,” van Trotsenburg explained.
The World Bank’s Senior Managing Director said that the Fund may be ready to distribute funds early next year, noting that the Fund’s establishment took the same amount of time as the Pandemic Prevention Fund, which has a similar structure to the Climate Loss and Damage Compensation Fund.
“I don’t see any reason why we can’t move forward with the same kind of design,” van Trotsenburg told Bloomberg Green’s Zero podcast during the COP28 summit in Dubai.
On Thursday, 200 countries agreed on basic rules for how to administer the “Losses and Damage” Fund, a crucial step forward after first deciding to establish it during the “COP27″ conference in Egypt.
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