Azerbaijan's Baku Hosts 3Rd Meeting Of Int'l Fund Set Up To Support Fight Against (Update)
Date
9/18/2024 2:22:33 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 18. The 3rd meeting
of the Board of the Fund for responding to Loss and Damage has
started in Baku, Trend reports.
Even though the decision to establish the fund, set up to assist
developing countries particularly vulnerable to the negative
effects of climate change, was made at COP27 and the decision to
launch it was made at COP28, its practical activities have not yet
been launched.
Azerbaijan's holding of the 3rd board meeting on the eve of the
29th session of the conference of the Parties to the UN Framework
Convention on Climate Change (COP29) is of historical significance
for the launch of practical activities of the Fund.
At the same time, it is an indicator of faith and trust in
Azerbaijan and is also a result of the country's attention to
climate change issues and, in particular, the attention it pays to
developing countries, including small island states. The
organization of this event in Baku also enhances Azerbaijan's
geopolitical importance as a global player and strengthens its
position.
The three-day board meeting is expected to formulate important
decisions regarding the fund's acquisition of financial institution
status within the World Bank system and the initiation of its full
operational activities. An executive director for the fund is also
anticipated to be appointed.
Additionally, crucial discussions will take place regarding the
High-Level Dialogue on Loss and Damage Financing Mechanisms, which
is set to officially launch during the upcoming climate action
summit at COP29.
In his opening remarks, Minister of Ecology and Natural
Resources of Azerbaijan and COP29 president, Mukhtar Babayev,
emphasized the importance of global solidarity and increased
efforts in the fight against climate change, as well as the urgent
need to initiate the fund's practical activities.
Around 200 representatives from developed and developing
countries, the UN, international organizations, the World Bank,
NGOs, and like-minded groups are participating in the board
meeting.
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