"In the final hours of negotiations this week, the U.S. continued to insist that the fund be housed within the World Bank. Developing countries have pushed for it instead to be constituted as an independent body like the already established Global Climate Fund, which is housed within the UNFCCC. The U.S. just happens to be the largest shareholder in the World Bank, where overall decision-making power is determined by financial contribution. The Global Climate Fund is governed by a 24-person board, composed of an equal number of representatives from developing and developed countries."
https://newrepublic.com/article/176354/us-spending-israel-ukraine-war-climate-crisis

The reference negotiations on the loss and damages fund have now concluded without any result besides agreeing to one more meeting.