'Loss and Damage'
Intergovernmental Organizations
Intergovernmental organizations (IGOs) that have observer status, i.e. that have been admitted by the Conference of the Parties as observers to the UNFCCC
Stance on 'Loss and Damage'
The IMF highlights that climate change disproportionately impacts poorer countries, while wealthier nations can
better manage its effects. It assesses climate change’s impact on economic stability and offers policy advice.
Through the Resilience and Sustainability Trust (RST), the IMF provides affordable financing to address climate
change and supports ‘just transition’ policies for poorer nations.
The World Bank is also committed to reducing poverty and promoting sustainability, delivering $36.8 billion in
2023. World Bank president Robert Zoellick advocates for pragmatic action, focusing on increased North-South
cooperation to regulate imports and fostering South-South collaboration for cost-effective solutions.
Ahead of COP28, the World Bank played a key role in organizing a fund to address climate disasters in the
Global South. The International Energy Agency (IEA) warns that the South is being left behind in the energy
transition and has developed a comprehensive plan to finance a green shift. This includes restructuring debt,
improving the affordability of electric vehicles, and enhancing international cooperation.
Further Reading
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World Bank Group, Economic Transformation in Africa The Role of North-South and South-South Trade,Policy Research Working Paper 10896, (2024).
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World Bank Institute, Development Outreach: putting knowledge to work for development, South SouthOpportunity (2010).
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https://www.worldbank.org/en/news/press-release/2024/06/10/board-approves-world-bank-s-role-as-host-and-trustee-for-the-fund-for-responding-to-loss-and-damage
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