BAKU, Azerbaijan, September 18. The 3rd meeting of the Board of the Fund for responding to Loss and Damage has started in Baku, TurkicWorld reports.
Even though the decision to establish the fund, set up to assist developing countries particularly vulnerable to the negative effects of climate change, was made at COP27 and the decision to launch it was made at COP28, its practical activities have not yet been launched.
Azerbaijan's holding of the 3rd board meeting on the eve of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) is of historical significance for the launch of practical activities of the Fund.
At the same time, it is an indicator of faith and trust in Azerbaijan and is also a result of the country's attention to climate change issues and, in particular, the attention it pays to developing countries, including small island states. The organization of this event in Baku also enhances Azerbaijan's geopolitical importance as a global player and strengthens its position.
The three-day board meeting is expected to formulate important decisions regarding the fund's acquisition of financial institution status within the World Bank system and the initiation of its full operational activities. An executive director for the fund is also anticipated to be appointed.
Additionally, crucial discussions will take place regarding the High-Level Dialogue on Loss and Damage Financing Mechanisms, which is set to officially launch during the upcoming climate action summit at COP29.
In his opening remarks, Minister of Ecology and Natural Resources of Azerbaijan and COP29 president, Mukhtar Babayev, emphasized the importance of global solidarity and increased efforts in the fight against climate change, as well as the urgent need to initiate the fund's practical activities.
Around 200 representatives from developed and developing countries, the UN, international organizations, the World Bank, NGOs, and like-minded groups are participating in the board meeting.
