In 2022 at COP27 countries agreed to establish new funding arrangements for assisting developing countries that are particularly vulnerable to the adverse effects of climate change.
The following year, at COP28, countries reached a historic agreement on the operationalization of this fund. As part of that decision, the World Bank was invited to ¡°operationalize the Fund as a World Bank hosted financial intermediary fund (FIF) for an interim period of four years¡±, subject to a set of conditions to be met by the World Bank. The role of the World Bank will be to host the Fund secretariat, and to provide trustee services for the Fund.