BAKU, Azerbaijan, September 18. Following the discussions at COP27 and COP28 on addressing climate change, participants at COP29 will continue to seek effective solutions to this pressing issue, Azerbaijan's Minister of Ecology and Natural Resources and COP29 President, Mukhtar Babayev, said in a statement at the 3rd meeting of the Board of the Fund for responding to Loss and Damage, Trend reports.
Babayev stated that the session will take place this November in Baku, furthering the UN Framework Convention on Climate Change's objectives.
“We will strive to make progress on all points of the Paris Agreement at COP29, building on the successes of previous COPs and advancing the UAE Consensus.
Based on the achievements of COP27 and COP28, we must fully activate the Fund to address loss and damage. We often remind ourselves how urgent this task is. These events also carry significant economic costs, often affecting those with low financial capacity and those who have contributed very little to climate change.
We hope to take steps towards the full implementation of the Fund in the coming days to address these losses and damages.
We have just 54 days remaining until COP29. Global communities are counting on us to make progress. Let's move forward together urgently and decisively," he stated.
To note, the 3rd meeting of the Board of the Fund for responding to Loss and Damage began its work in Baku on September 18. Azerbaijan's role in this meeting is of historical significance for the launch of practical activities of the Fund.
Key decisions are anticipated during the three-day board meeting regarding the fund's status as a financial institution within the World Bank system and the start of its full operational activities, including the appointment of an executive director.