The third meeting of the Board of the Fund for Responding to Loss and Damage, established to assist developing countries particularly vulnerable to the adverse effects of climate change, began in Baku on Wednesday.
The event gathered around 200 representatives from developed and developing countries, the UN and other international organizations, the World Bank, international NGOs, and constituencies.
The three-day meeting is expected to result in key decisions, including the Fund's attainment of financial institution status within the World Bank system and its operational launch.
In his address, Mukhtar Babayev, COP29 President-Designate and Azerbaijan's Minister of Ecology and Natural Resources, said: "Building on the successes of COP27 and COP28, we must make the Fund for Responding to Loss and Damage fully operational."
Babayev emphasized the severe human toll of climate change, citing recent events like Typhoon Yagi, which caused tragic loss of life and extensive damage in parts of Asia.
He described supporting nations affected by climate change as "our moral duty" and highlighted the Fund's importance in helping these countries manage the consequences of climate change.
"Earlier this month, the World Meteorological Organization reported that African countries lost 5 percent of their GDP to climate change, while Small Island Developing States face an average 2.1 percent of GDP loss due to disasters," Mukhtar Babayev noted.
He also mentioned the COP29 Presidency's firsthand observation of the pressures these communities face, referencing a recent visit to Tonga.
"At the last Board meeting, we made significant progress. Notably, the COP29 Presidency acknowledges the Board's efforts in selecting the hosts for the Fund and expresses gratitude to the Philippines for agreeing to take on this important role," the COP29 President-Designate added.
Established in 2023, the Fund for Responding to Loss and Damage aims to provide financial support to the developing countries most affected by climate change.
AZERTAC
