Richard Sherman, an Africa group lead coordinator on climate finance negotiations and a member of the South African delegation to the UNFCCC, has been appointed to the Board of the new Loss and Damage Fund. In an interview with Daily Maverick, he explained that ““What we need right now is a fund that can do things differently. If we don’t resolve the debt crisis, we have to borrow more money because of climate change which is not necessarily because of our actions. We need different approaches and no one seems to have their finger on the pulse on this one.” He also stated the fund should challenge norms around sovereign lending, such as borrowing in dollars and concessional financing, and challenge other ways of working, such as ensuring that funding was used for climate-resilient infrastructure.
