The international COP28 climate summit has reached an agreement on the logistics of a loss and damage fund, a mechanism to compensate vulnerable nations for the impact of climate change, organizers announced Thursday. The United Arab Emirates, which is hosting the summit, will contribute $100 million to the fund, as will Germany, German Development Minister…
The oil-rich UAE aimed to slough off criticism about its role leading the U.N. climate talks with a $100 million pledge to aid poorer, climate-stricken countries.
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World Bank shareholders on Thursday endorsed further reforms and a new vision statement committing the multilateral development bank to work for "a world free of poverty on a liveable planet", German Development Minister Svenja Schulze said. The 25-member Development Committee had agreed a package of "ambitious reforms" that would lead to more investments in climate action and sustainable development, Schulze said in a statement. "With the reform, we will make the World Bank into a better bank that uses its funds in a more targeted way," she said.