Recourse response to the Transitional Committee decision for the World Bank to be interim host of the UNFCCC Loss and Damage Fund

Recourse opposes the World Bank Group's role as interim host for the UNFCCC Loss and Damage Fund, arguing that the bank's continued fossil fuel investments, lack of democratic accountability, and private-sector focus make it unfit for the task. The organization further criticizes the proposal for making contributions from developed nations 'voluntary' and calls for a strictly limited hosting period with a clear exit strategy after four years.

• Recourse contends that the World Bank Group is an unsuitable host for the Loss and Damage Fund because it continues to invest in fossil fuels, specifically gas and financial intermediaries funding new coal power, and has failed to implement its own environmental and social protections, such as in the case of coal power plants in the Philippines.
• The organization criticizes the World Bank Group's lack of democratic accountability, noting that decision-making power is concentrated among major shareholders and G7 nations, and argues that its 'private-sector-led first approach' prioritizes profit over human needs and sustainable development.
• Recourse argues that the proposal for the fund is insufficient because it makes contributions from developed countries 'voluntary', which reduces the responsibility of historic polluters to provide finance to developing countries.
• To prevent the World Bank Group's hosting from becoming permanent, Recourse demands that the arrangement be limited to a strictly defined period with an explicit exit strategy after four years.
• Recourse calls for the fund to be guided by UNFCCC principles, including human rights, social and environmental safeguarding, and the principle of common but differentiated responsibilities and respective capabilities (CBDR-RC).

APA

Race, M. (2023). Recourse response to the Transitional Committee decision for the World Bank to be interim host of the UNFCCC Loss and Damage Fund. Recourse. https://re-course.org/newsupdates/recourse-response-to-the-transitional-committee-decision-for-the-world-bank-to-be-interim-host-of-the-unfccc-loss-and-damage-fund/

Chicago

Race, Madeleine. Recourse response to the Transitional Committee decision for the World Bank to be interim host of the UNFCCC Loss and Damage Fund. Recourse, 2023. https://re-course.org/newsupdates/recourse-response-to-the-transitional-committee-decision-for-the-world-bank-to-be-interim-host-of-the-unfccc-loss-and-damage-fund/.

Wikipedia

{{cite press release |last1=Race |first1=Madeleine |title=Recourse response to the Transitional Committee decision for the World Bank to be interim host of the UNFCCC Loss and Damage Fund |publisher=Recourse |date=6 November 2023 |url=https://re-course.org/newsupdates/recourse-response-to-the-transitional-committee-decision-for-the-world-bank-to-be-interim-host-of-the-unfccc-loss-and-damage-fund/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{race2023recourse, author = {Race, Madeleine}, title = {{Recourse response to the Transitional Committee decision for the World Bank to be interim host of the UNFCCC Loss and Damage Fund}}, publisher = {Recourse}, year = {2023}, month = nov, url = {https://re-course.org/newsupdates/recourse-response-to-the-transitional-committee-decision-for-the-world-bank-to-be-interim-host-of-the-unfccc-loss-and-damage-fund/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }