Azerbaijan hosts key meeting to advance loss and damage fund ahead of COP29

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.