BAKU, Azerbaijan, November 23. At COP29, a decision was made to ensure the full operationalization of the Loss and Damage Fund, long awaited by developing countries, including small island states, least developed countries, and African nations, Trend reports.
This aligns with the priority set by the President of the Republic of Azerbaijan Ilham Aliyev, to address the challenges posed by climate change impacts on small island states under the COP29 Presidency.
The establishment of the Loss and Damage Fund was agreed upon during COP27 held in Egypt. The fund aims to provide financial assistance to countries most vulnerable to the impacts of climate change.
During COP28 in the United Arab Emirates, a decision was made to launch the Fund's operations.
The COP29 Presidency has taken significant steps to ensure the Fund's operationalization, working closely with its Board and the World Bank. In September of this year, during the Fund's third Board meeting held in Baku, critical measures were taken to commence its operations, including the appointment of Ibrahima Cheikh Diong as the Fund's Executive Director.
Within the framework of COP29, several important agreements related to the Loss and Damage Fund were signed. These include the "Trustee Agreement" and "Secretariat Hosting Agreement" between the Fund's Board and the World Bank, as well as the "Host Country Agreement" between the Fund's Board and the host country, the Republic of the Philippines.
To date, the total pledged financial support for the Fund exceeds $730 million.
With these achievements, the Loss and Damage Fund will be able to start financing projects beginning in 2025. This marks yet another success of Azerbaijan's COP29 Presidency.