BAKU, Azerbaijan, December 2. The operationalization of the Loss and Damage Response Fund at COP29 marks a historic turning point in global climate policy, says La Gazette du Caucase, a French online newspaper, Trend reports.
This long-anticipated achievement is described in the article as "a significant advance for developing countries, small island states, and vulnerable communities disproportionately affected by climate change's intensifying impacts."
"Under the leadership of Azerbaijan's COP29 presidency, the fund's launch is a powerful statement of global solidarity. This milestone inspires hope for more inclusive and effective solutions to climate inequalities," La Gazette noted.
The article highlights that the foundation for the Loss and Damage Fund was laid at COP27 in Egypt, where nations reached a landmark agreement to compensate countries most affected by climate-induced disasters. However, it points out, that "skepticism remained about whether financial commitments and political will would translate into concrete action." COP28 in the UAE marked an important step, but as the article emphasized, "it was COP29, under Azerbaijan’s leadership, that finally saw the fund become fully operational".
La Gazette stresses that the Loss and Damage Fund is not merely a financial instrument but "a recognition of historical injustices." The article highlights that developed countries, which have contributed the most to greenhouse gas emissions, are now being held accountable through mechanisms to transfer resources to nations suffering disproportionately from disasters like hurricanes, floods, and droughts.
"President Ilham Aliyev’s focus on the challenges faced by small island states and least developed countries underscores Azerbaijan’s commitment to equity and inclusivity," La Gazette observed. The fund, the article noted, is expected to finance climate resilience projects starting in 2025, including rebuilding infrastructure, supporting displaced communities, and strengthening adaptation capacities in vulnerable regions.
The article further highlights the potential for the fund to drive innovation in climate financing. By collaborating with private entities, governments, and multilateral organizations, La Gazette notes, "the fund could mobilize additional resources through mechanisms such as green bonds and climate insurance schemes, ensuring a comprehensive approach to tackling climate loss and damage".
"This achievement offers a glimmer of hope for nations grappling with the devastating effects of climate change," La Gazette du Caucase writes. It also acknowledges that while the fund’s operationalization is a critical step, much work remains to be done. The article concludes by emphasizing that the Loss and Damage Fund represents "a collective acknowledgment that those least responsible for the climate crisis should not bear its consequences alone".