“Diong to Lead UN Fund for Climate Change Loss and Damage: A Veteran Banker’s Journey”
Ibrahima Cheikh Diong, a seasoned Senegalese banker with extensive experience in development banking, government, and insurance against climate disasters in Africa, has been appointed to lead the new United Nations’ fund for responding to the loss and damage caused by climate change. The decision was made by the fund’s board during a meeting in Baku, Azerbaijan, and was announced on Saturday.
Diong’s diverse career has taken him across China, the United States, the UK, and various countries in Africa and the Arab world. Fluent in English, French, Mandarin, and Wolof, he has a strong background in raising funds for infrastructure projects, including airports and power plants in Senegal. More recently, he has been instrumental in expanding insurance coverage for climate disasters in Africa and advising governments on mitigation and prevention strategies.
Having studied civil engineering in China in the 1980s, Diong returned to Senegal to work on projects aimed at improving access to drinking water and irrigation in rural areas. Over the years, he has held various roles in management consulting, the World Bank, and as an advisor to the president of Senegal on investment from emerging markets.
In his most recent position at the African Risk Capacity (ARC) group, Diong focused on providing insurance against extreme weather events for African countries and advising governments on disaster preparedness and response. He left ARC to join the Arab Bank for Economic Development in Africa as an advisor on environmental, social, and governance issues.
Diong’s appointment to lead the Fund for responding to Loss and Damage (FRLD) signifies a significant step in addressing the urgent impacts of climate change on vulnerable countries. His tenure is set to begin on November 1, with the fund expected to start distributing funds for approved projects next year.
While some concerns have been raised about the fund’s size and sustainability, with pledges from wealthy governments totaling around $660 million, there is a call for a more reliable global mechanism to support it, such as a tax on oil production. Despite challenges, Diong’s wealth of experience and dedication to supporting low-income developing countries most affected by climate change make him a valuable asset in this critical role.