At COP29, the decision was made to fully operationalize the Loss and Damage Fund, which developing countries, including small island countries, least developed countries and African countries, have been eagerly awaiting.
Oku.Az informs that this is the President of the Republic of Azerbaijan, Mr. Ilham Aliyev It is consistent with the identification of the issue of resolving the difficulties caused by the consequences of climate change for small island countries as a priority of the COP29 Presidency.
The creation of the Loss and Damage Fund was decided during COP27 held in Egypt. The fund aims to provide financial assistance to countries most vulnerable to the effects of climate change.
During COP28 held in the United Arab Emirates, a decision was made on the start of the Fund’s activities.
The COP29 Presidency took important steps to ensure the functioning of the Damages Fund and cooperated closely with the Board of Directors and the World Bank. In September this year, during the third meeting of the Board of Directors of the Fund held in Baku, important steps were taken to launch the activities of the Fund and Ibrahima Sheikh Diongun was appointed CEO of the Fund.
Within the framework of COP29, a series of important agreements were signed regarding the Loss and Damage Fund. These are the “Trustee Administration Agreement” and the “Host Secretariat Agreement” between the Board of Directors of the Fund and the World Bank, as well as the “Host Country Agreement” between the Board of Directors of the Fund and the host country, the Republic of the Philippines. .
Currently, the total amount of financial support pledged to the Fund exceeds US$750 million.
With these achievements, the Loss and Damage Fund will be able to finance projects starting in 2025. This is the next success of Azerbaijan’s presidency at COP29.
