British minister optimistic on climate fund host agreement

Britain's minister responsible for climate negotiations said on Wednesday he believed countries would be able to reach an agreement on which organisation hosts a fund to assist countries recover and rebuild from climate change-driven damage. Countries have been deadlocked over the "loss and damage" fund design, with developing and developed nations at odds over key issues: oversight, funding sources and eligibility criteria. Whether the World Bank should host the fund – a position favoured by the U.S. and developed countries – or whether the United Nations creates a new body to run the fund, as developing countries have urged has been among the most contentious issues.