A person walks past a "#COP28" sign during The Changemaker Majlis, a one-day CEO-level thought leadership workshop focused on climate action, in Abu Dhabi, United Arab Emirates on Oct 1, 2023. — an international fund to help poor countries hit hard by a warming planet — ended on Saturday in Abu Dhabi, with participants agreeing that the World Bank would temporarily host the fund for the next four years.
The agreement lays out basic goals for the fund, including for its planned launch in 2024, and specifies how it will be administered and who will oversee it, including a requirement for developing countries to have a seat on the board, in addition to the World Bank's role. While acknowledging that an agreement on the fund is better than a stalemate, climate policy analysts say there are still numerous gaps that must be filled if the fund is to be effective in helping poor and vulnerable communities around the world hit by increasingly frequent climate-related disasters.
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