Fund for responding to Loss and Damage (FRLD)

Climate challenges are increasing in frequency and severity, and countries at the frontline of climate change need our support. The decision to establish the Fund for responding to Loss and Damage (FRLD), a mechanism to provide financial support to vulnerable countries, was a significant milestone in climate finance negotiations, and a testament to our collective commitment to climate action. The FrLD will address the critical gap in global climate finance and will deliver rapid financing in the event of extreme climate events, facilitating recovery from escalating loss and damage. The Fund will also complement national and international response and recovery efforts. Much effort has gone into making the FRLD a reality, and significant milestones have been reached. The FRLD Board has been constituted, and The Philippines will host the Board. The World Bank was selected to host the Secretariate of the Fund for an interim period of four years and has signed both the Trust Fund and Host Agreements. Ibrahima Cheikh Diong is the inaugural Executive Director of the fund. The FRLD is committed to getting it right and reach communities hard-hit by climate shocks as quickly as possible. In addition to learning from other climate funds, the Fund will seek to harmonize the diverse voices and interests of its multiple stakeholders while fostering a bottom-up, country-led approach to climate response. Many challenges lie ahead! Climate change is a complex matter, and the needs on the ground are enormous. A continued global resolve is therefore necessary, and funding to facilitate operations is critical to deliver on expectations and reach communities for whom climate change is increasingly a matter of life or death. The Fund will pursue strategic partnerships with financial and implementation partners and is committed to getting resources where they are needed the most. Together, we can make a difference.