BAKU, Azerbaijan, September 23. The International Fund for responding to Loss and Damage, a key component of climate financing, will commence its operations in 2025, Trend reports via the COP29 official website.
The decision was made during the 3rd board meeting of the fund, hosted in Baku under Azerbaijan's presidency of COP29.
"After many years of diplomatic negotiations since the fund's creation at COP27 and its operational decision at COP28, it was decided in Baku that the fund will provide financing for the first time in 2025," the announcement notes.
The COP29 presidency plans to leverage the upcoming summit in November to engage with countries that have committed nearly $800 million to the fund, aiming to convert these pledges into tangible support for communities in need.
"This is a critical step towards fulfilling one of the key objectives of the COP29 presidency within this year's global climate process," the statement emphasized.
Additionally, Ibrahima Cheikh Diong was elected as the fund's executive director at the board meeting.
The board also approved the stewardship agreements with the World Bank (the fund will be under the patronage of the bank).
"This breakthrough in Baku marks a significant step in addressing climate change. This is indeed a historic day, the preparation for which took years and required determination from many, focusing on the needs of those on the frontlines of the climate crisis. The COP29 presidency will continue to pursue further contributions to the fund and work on the broader landscape of loss and damage to ensure we build on today's historic achievements," COP29 President-designate Mukhtar Babayev commented on the results of the Baku Council meeting.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change will be held in Baku on November 11-22.