The World Bank will "operate" an ambitious new climate change fund, but donors and recipients will likely control how the money is actually spent, the head of the development lender said Friday.
More than $400 million has been pledged initially to the new "loss and damage" fund for countries impacted by climate change since it was approved by nations attending the UN's COP 28 climate summit in Dubai on Thursday.
The amount so far falls well short of the $100 billion developing nations say are needed to meet the costs of changing climate, but more pledges are expected in coming days.
