BAKU, Azerbaijan, September 18. The first day of the 3rd meeting of the Board of the Fund for responding to Loss and Damage concluded in Baku on September 18, Trend reports.
Even though the decision to establish the fund, set up to assist developing countries particularly vulnerable to the negative effects of climate change, was made at COP27 and the decision to launch it was made at COP28, its practical activities have not yet been launched.
Azerbaijan's holding of the 3rd board meeting on the eve of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) is of historical significance for the launch of practical activities of the Fund.
At the same time, this is an indicator of faith and trust in Azerbaijan and is also a result of the country's attention to climate change issues and, in particular, the attention it pays to developing countries, including small island states. The organization of the event in Baku also enhances Azerbaijan's geopolitical importance as a global player and strengthens its position.
The three-day board meeting is expected to make important decisions on the Fund's acquisition of the status of a financial fund in the World Bank system and the start of full-fledged practical activities. The appointment of the Fund's executive director is also expected to take place during the meeting.
Moreover, the third meeting of the board discusses important points related to the High-Level Dialogue on Financial Mechanisms for Loss and Damage, which is planned to be officially launched in the country during the COP29 summit of world leaders in the field of climate action.
Addressing the meeting with an opening speech, COP29 President and Minister of Ecology and Natural Resources of Azerbaijan, Mukhtar Babayev, drew attention to the importance of global solidarity and increasing efforts in the fight against climate change, as well as the need to start practical activities of the fund.
“At COP29, we will try to make progress on all points of the Paris Agreement; thus, we will build on the successes of the previous COPs and contribute to the implementation of the results of the UAE Consensus.
We also need to make progress on loss and damage, as the devastation caused by climate change is already being felt by many people. Based on the successes of COP27 and COP28, we must fully launch the fund to respond to loss and damage. We are frequently reminded how urgent this task is. These events also carry significant economic costs, often applied to those with low ability to pay and those with very little impact on climate change.
As announced, we will hold Leadership Dialogues to develop work in this area. We will continue to support coordination on the big picture of loss and damage.
We hope to be able to take steps towards full operation of the fund in the coming days to eliminate losses and damages.
We have only 54 days until the launch of COP29. Communities around the world are relying on us to make progress. Let's urgently and decisively move forward together,” Babayev added.
To note, about 200 representatives of developed and developing countries, the UN and other international organizations, the World Bank, international non-governmental organizations, and like-minded groups attended the meeting.
