COP29 Finalizes Approval For Complete Functioning Of Loss And Damage Fund
Date
11/24/2024 7:10:25 AM
(MENAFN- AzerNews)
At COP29, a decision has been reached to fully operationalize
the long-awaited Loss and Damage Fund, which is essential for
developing countries, particularly small island nations, least
developed countries, and African nations, Azernews
reports.
This aligns with the priorities set by President of Azerbaijan,
Ilham Aliyev, to tackle the challenges of climate change impacting
small island states during the COP29 Presidency.
The establishment of the Loss and Damage Fund was initially
agreed upon during COP27 in Egypt, aimed at providing financial
support to the countries most vulnerable to climate change
impacts.
At COP28, held in the United Arab Emirates, a decision was made
to initiate the Fund's operations.
Under the COP29 Presidency, significant efforts have been made
to ensure the Fund becomes operational, collaborating closely with
its Board and the World Bank. In September of this year, during the
Fund's third Board meeting in Baku, key steps were taken to start
operations, including the appointment of Ibrahima Cheikh Diong as
the Fund's Executive Director.
During COP29, several crucial agreements regarding the Loss and
Damage Fund were signed, including the "Trustee Agreement" and the
"Secretariat Hosting Agreement" between the Fund's Board and the
World Bank, as well as the "Host Country Agreement" with the
Republic of the Philippines.
As of now, over $730 million has been pledged in support of the
Fund.
With these developments, the Loss and Damage Fund is set to
begin financing projects as early as 2025, marking another
milestone achievement for Azerbaijan's COP29 Presidency.
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