(MENAFN- Trend News Agency)
BAKU, Azerbaijan, December 2. The
operationalization of the Loss and Damage Response Fund at COP29
marks a historic turning point in global climate policy, says
La Gazette du
Caucase , a French online newspaper, Trend reports.
This long-anticipated achievement is described in the article as "a significant
advance for developing countries, small island states, and
vulnerable communities disproportionately affected by climate
change's intensifying impacts."
"Under the leadership of Azerbaijan's COP29 presidency, the
fund's launch is a powerful statement of global solidarity. This
milestone inspires hope for more inclusive and effective solutions
to climate inequalities," La Gazette noted.
The article highlights that the foundation for the Loss and
Damage Fund was laid at COP27 in Egypt, where nations reached a
landmark agreement to compensate countries most affected by
climate-induced disasters. However, it points out, that "skepticism
remained about whether financial commitments and political will
would translate into concrete action." COP28 in the UAE marked an
important step, but as the article emphasized, "it was COP29, under
Azerbaijan's leadership, that finally saw the fund become fully
operational".
La Gazette stresses that the Loss and Damage Fund is not merely
a financial instrument but "a recognition of historical
injustices." The article highlights that developed countries, which
have contributed the most to greenhouse gas emissions, are now
being held accountable through mechanisms to transfer resources to
nations suffering disproportionately from disasters like
hurricanes, floods, and droughts.
"President Ilham Aliyev's focus on the challenges faced by small
island states and least developed countries underscores
Azerbaijan's commitment to equity and inclusivity," La Gazette
observed. The fund, the article noted, is expected to finance
climate resilience projects starting in 2025, including rebuilding
infrastructure, supporting displaced communities, and strengthening
adaptation capacities in vulnerable regions.
The article further highlights the potential for the fund to
drive innovation in climate financing. By collaborating with
private entities, governments, and multilateral organizations, La
Gazette notes, "the fund could mobilize additional resources
through mechanisms such as green bonds and climate insurance
schemes, ensuring a comprehensive approach to tackling climate loss
and damage".
"This achievement offers a glimmer of hope for nations grappling
with the devastating effects of climate change," La Gazette du
Caucase writes. It also acknowledges that while the fund's
operationalization is a critical step, much work remains to be
done. The article concludes by emphasizing that the Loss and Damage
Fund represents "a collective acknowledgment that those least
responsible for the climate crisis should not bear its consequences
alone".
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