Baku meeting marks critical step towards one of the COP29 Presidency’s key objectives, as set out in its first Letter to Parties
The Board of the Fund for responding to Loss and Damage made significant decisions towards the Fund’s full operationalization at its third meeting in Baku, hosted by the COP29 Presidency of Azerbaijan.
Following years of diplomatic negotiations since Fund’s establishment at COP27 and the decision on its operationalisation at COP28, this lays the groundwork for the Fund to disburse funding for the first time in 2025.
Now, the COP29 Presidency will use the Baku COP29 summit to work with the countries who have already pledged nearly $800 million to the fund, to convert those pledges into tangible funding ready for disbursement to the communities who particularly need it. The Presidency will also be calling for further contributions.
This is a critical step towards fulfilling one of the COP29 Presidency’s key objectives for this year’s global climate process, as set out in its first Letter to Parties in July.
During the meeting, the Fund’s Executive Director, who will be announced imminently, was elected. The Board also endorsed the hosting agreement and trustee arrangements with the World Bank.
COP29 President-Designate Mukhtar Babayev 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 and work across the wider loss and damage landscape to ensure that we build on today’s historic achievements.”
