(MENAFN- AzerNews)
Nazrin Abdul
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On September 18, the third meeting of the Management Board of
the Loss and Damage Fund began its work in Baku,
Azernews reports.
Although the decision to establish the Fund, aimed at assisting
developing countries-especially those vulnerable to the negative
effects of climate change-was adopted at COP27, and the decision to
launch it was made at COP28, the Fund has not yet commenced its
practical activities.
Azerbaijan's hosting of the third meeting of the Board of
Directors, just ahead of the 29th session of the Conference of the
Parties to the UN Framework Convention on Climate Change (COP29),
is historically significant for the Fund's practical
initiation.
This also reflects the trust and confidence placed in our
country, as well as the importance we attach to combating climate
change and our attention to developing countries, including small
island states. Organizing this event in our country enhances
Azerbaijan's geopolitical significance as a global player and
strengthens its position.
During the three-day meeting of the Board of Directors,
important decisions are anticipated regarding the Fund's
acquisition of status as a financial entity within the World Bank
system and the commencement of full practical activities. The
appointment of the Fund's Executive Director is also planned for
the meeting.
Additionally, significant discussions will take place regarding
the High-Level Dialogue on Financial Mechanisms for Loss and
Damage, which is expected to be officially launched in our country
during the Climate Action Summit of World Leaders at COP29.
In his opening speech, the designated President of COP29,
Minister of Ecology and Natural Resources Mukhtar Babayev,
emphasized the importance of global solidarity and heightened
efforts in the fight against climate change, as well as the
necessity to commence the Fund's practical activities.
It is noteworthy that approximately 200 representatives from
developed and developing countries, the UN and other international
organizations, the World Bank, international NGOs, and like-minded
groups participated in the meeting.
Minister Babayev remarked that both COP27 and COP28 participants
sought ways to combat climate change, and the 29th session of the
UN Conference of Parties on Climate Change, to be held in Baku in
November of this year, will serve similar goals.
"At COP29, we will seek to make progress on all points of the
Paris Agreement, building on the successes of previous COPs and
aiding the implementation of the outcomes of the UAE Consensus.
We must also make advancements on loss and damage, as the
devastation caused by climate change is already affecting many
people. Building on the successes of COP27 and COP28, we must fully
activate the Fund to address loss and damage. We are often reminded
of how urgent this task is. These events also entail significant
economic costs, frequently borne by those least able to pay and
those most vulnerable to climate change.
As we announced, we will host dialogues at the leadership level
to advance work in this area. We will continue to support
coordination within the overall loss and damage landscape.
We hope to take steps toward the full implementation of the Fund
in the near future to mitigate loss and damage.
We have only 54 days until the start of COP29. Communities
around the world depend on us to make progress. Let's move forward
urgently and decisively together," added M. Babayev.
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