At the Third Meeting of the Board of Directors of the Loss and Damage Fund held in Baku, hosted by the COP29 Presidency of Azerbaijan, important decisions were made on the launch of the full operation of the Fund.
APA reports that these decisions pave the way for the first allocation of funds from the Fund in 2025 after lengthy diplomatic negotiations since the creation of the Fund at COP27 and the decision to launch it at COP28.
The COP29 Presidency will work with countries that have already pledged approximately $800 million to the fund at the COP29 summit in Baku, with the aim of converting these pledges into financial funds ready to be paid to particularly needy communities. The Presidency will also call for additional contributions.
The Baku meeting is an important step towards meeting one of the main objectives of this year’s global climate process, as stated in the first Letter to the Parties from the COP29 Presidency in July.
During the meeting, Ibrahima Cheikh Diong was elected as the Executive Director of the Fund. In addition, the Board of Directors approved the hosting agreement and custodian arrangements for the World Bank Fund.
At the Baku meeting of the Fund, it was decided to launch the annual High-Level Dialogue on Financial Mechanisms in the Area of Loss and Damage during the World Leaders’ Summit to be held in Baku on the sidelines of COP29.
COP29 President-elect Mukhtar Babayev said: “This success in Baku is a decisive step towards ensuring action on climate change. This is truly a historic day, an achievement that has been years in the making and requires special determination to meet the needs of those who are particularly vulnerable to climate change. The COP29 Presidency will focus on the area of loss and damage to continue contributing to the Fund and build on today’s historic achievement.
