Axios

While COP28 may be remembered as the beginning of the end of fossil fuels, for climate activist Harjeet Singh, the first day may have been even more important.

The big picture: The announcement of a loss and damage fund at the start of negotiations was a "historic" achievement." It was one that Singh, head of global political strategy for the Climate Action Network International, has been advocating for since 1992.

Yes, but: Having the fund housed at the World Bank was a "bitter pill" that Singh took only to make this fund finally operational, he tells Axios.

• The bank is funded by the richest countries in the world and also historically funded fossil fuel projects. It's why Singh and others advocated for a new repository to be created.

What he's saying: "Is World Bank ready? Can it move so fast? And the kind of interference that may come from the board of the World Bank has also been concerning," he says.

• Key details of the fund — including whether these are primarily loans or grants, how long it will take to reach communities immediately — also remain to be determined.

Context: Singh celebrated the final, accepted text of the response to the global stocktake, calling it "a long-overdue direction to move away from coal, oil, and gas."

• But he added that the resolution is "marred by loopholes that offer the fossil fuel industry numerous escape routes."

The bottom line: Progress made on climate finance for the global South, and language on phasing out fossil fuels, show that the power of "vulnerable countries and civil society" have helped shift the world's priorities, Singh adds.

Go deeper: Hear a longer interview with Singh on Axios' "1 big thing" podcast.