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Loss and Damage resulting from climate change presents a unique global challenge that affects vulnerable countries the most, and requires a rethinking of the traditional approach to accessing climate finance. In response, a Fund for responding to Loss and Damage  (FRLD) has been established under the United Nations. To succeed, the Fund should learn from the key shortcomings of other climate funds. Also, this policy brief provides key recommendations for the newly appointed FRLD Board, recipient countries, and other global actors to ensure that the Fund achieves its potential and reaches the most vulnerable developing countries, particularly Small Island Developing States (SIDS) and Least Developed Countries (LDCs).