A climate “loss and damage” fund was launched at the UN’s COP28 talks on Thursday, drawing praise and millions of dollars in pledges. The announcement was heralded as historic, with financial pledges from the European Union, United Arab Emirates, Germany, Britain, United States, and Japan. However, these pledges fall short of the $100 billion needed to cover losses from natural disasters in vulnerable nations. Despite the progress, there are warnings that the work is far from over and that the fund must be adequately financed to support the victims of the climate crisis. The fund will be housed at the World Bank for four years, and its success will depend on the credibility and representation of its board members. The first contributions will finance pilot projects and test how the fund works before seeking more money in the future. The decision to house the fund at the World Bank has been met with skepticism from developing nations, who are calling for more substantial financial commitments from a wider variety of sources.