Baku meeting paves way for Fund for Responding to Loss and Damage as COP29 nears

The 3rd meeting of the Board of the Fund for Responding to Loss and Damage, held in Baku, achieved significant progress towards the full operationalization of the Fund.

These decisions set the stage for the initial allocation of funds in 2025, marking a significant milestone following extensive diplomatic negotiations that began with the creation of the Fund at COP27 and the agreement to activate it at COP28, Caliber.Az reports via local media.

The COP29 Presidency will work together with the countries that have already pledged approximately $800 million to the Fund during the COP29 Conference, scheduled to take place in Baku, to turn these pledges into tangible assets for payment to especially vulnerable communities. The Presidency will also urge parties to make additional contributions.

The meeting also saw the selection of Ibrahima Cheikh Diong as the inaugural Executive Director of the Fund for Responding to Loss and Damage. Additionally, the Board approved the World Bank as the Fund’s host and trustee.

The meeting adopted the decision to launch the annual High-Level Dialogue on financial mechanisms for loss and damage during the World Leaders Climate Action Summit at COP29.

Mukhtar Babayev, Azerbaijan’s Minister of Ecology and Natural Resources and COP29 President-Designate said: “This breakthrough in Baku marks a crucial step in enabling action on climate change. This is a truly historic day, years in the making, that has required determination from so many and an unwavering focus on the needs of those on the frontlines of the climate crisis. The COP29 Presidency will continue to seek further pledges to the Fund.”

by Tamilla Hasanova