The Board of the Fund for Responding to Loss and Damage, established to aid developing countries particularly vulnerable to the adverse impacts of climate change, convened its third meeting in Baku on September 18.
The decision to establish the Fund was reached during COP27. While the decision on its operationalization was adopted at COP28, to date the Fund has not commenced its activity.
The three-day meeting of the Board of the Fund is expected to result in historical landmark decisions, including on its full operationalization and the recognition of the Fund as a financial institution within the World Bank system.
The event has gathered nearly 200 participants in total, both from developed and developing countries, representatives from the United Nations and other international organisations, the World Bank, international NGOs and like-minded constituencies.
The expected appointment of the Fund’s Executive Director is one of the key issues on the agenda. The meeting will also discuss important matters related to the High-level Dialogue on Funding Arrangements for loss and damage, which is set to be officially launched during the World Climate Action Summit at COP29.
In his opening remarks, the COP29 President-Designate and Minister of Ecology and Natural Resources of Azerbaijan, Mr. Mukhtar Babayev, highlighted the importance of global solidarity in addressing climate change and strengthening efforts to this end, as well as stressed the urgent need for the Fund to become fully operational.
The hosting of this meeting by Azerbaijan ahead of the 29th session of the Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) is of historical importance for implementing and advancing the Fund’s mission. At the same time, this demonstrates the trust and confidence placed in Azerbaijan and recognizes the significance that the country attaches to addressing the climate change and in this regard, the attention that it pays to the needs of developing nations, including Small Island Developing States (SIDS). Furthermore, it increases Azerbaijan’s geopolitical role and bolsters its standing as a global player.
