Long awaited by developing countries, particularly small island states, Least Developed Countries (LDCs), and African nations, the Loss and Damage Fund is now fully operational. This major announcement was made by the Azerbaijani presidency of COP29, highlighting a significant advancement in the fight against the devastating effects of climate change.
An international collaboration for rapid implementation
In an official statement, the COP29 presidency praised the measures taken in collaboration with the Fund’s board and the World Bank to ensure its operationalization. This collaboration has mobilized to date 1.5 billion euros in financial support, an amount intended to provide direct assistance to the countries most vulnerable to climate impacts.
Key steps for the launch
The path to the operationalization of the Fund reached a decisive milestone during the third meeting of its board, held in September in Baku. On this occasion, Ibrahima Cheikh Diong was appointed executive director, marking the beginning of a new phase for this essential initiative.
Designed during COP27 in Egypt, the Fund began its operations at COP28 in Dubai. COP29 has allowed for the realization of several strategic agreements, including the trust agreement, the hosting agreement for the secretariat with the World Bank, and the agreement with the host country, the Philippines.
Complementary initiatives adopted at COP29
In addition to the operationalization of the Fund, COP29, which has been taking place since November 11, has been an opportunity to launch crucial initiatives and statements on various themes. These measures include programs on sustainable water management, the development of eco-responsible tourism, and the reduction of methane emissions from organic waste, reinforcing the global commitment to a more resilient planet.
With this historic advancement, COP29 marks a decisive step in supporting the countries most affected by climate upheavals, while laying the groundwork for increased international cooperation for a more sustainable future.