The Loss and Damage Fund (LDF) historically won by the Global South is under attack! In the latest LDF Transitional Committee meetings, the United States is pushing to have the LDF as a Financial Intermediary Fund (FIF) under the auspices of the World Bank (WB), rather than making it an independent and democratically-accessible fund under the guidance of the COP. This means that the WB will be in charge of raising, directing, and disbursing all funding for the LDF. This is problematic given (1) the WB’s extensive and continuous polluter track record, and (2) the profit-oriented, debt-creating, conditional, and inaccessible characteristics of the WB.
As world leaders gather at the UNGA High Level Dialogue on Loss and Damage to discuss the funding arrangements for L&D, we invite you to join the #WBOutOfLDF Twitter Storm happening on Friday, September 22, 8:00 AM New York time. Together, let us resist the US’ proposal of having the Loss and Damage Fund under the World Bank, and demand for adequate, non-debt-creating, accessible, predictable, and unconditional climate finance channeled through the UNFCCC mechanisms.