COP29 In Baku Marks Historic Launch Of Loss And Damage Fund

KUALA LUMPUR, Dec 3 (Bernama) -- The United Nations Climate Change Conference (COP29) in Azerbaijan’s capital has marked a historic milestone with the official launch of the Loss and Damage Fund, a key development in global climate policy.

The fund, established under Azerbaijan’s chairmanship, has been hailed as a transformative step towards addressing the disproportionate impacts of climate change on developing nations, small island states, and vulnerable communities.

According to a statement by the Azerbaijani Embassy in Malaysia, this significant achievement builds on commitments made at COP27 in Egypt and subsequent progress during COP28 in the United Arab Emirates (UAE).

The full operationalisation of the fund at COP29 is seen as a testament to Azerbaijan’s commitment to fostering global solidarity.

“The foundation for the establishment of the Loss and Damage Fund was laid at COP27 in Egypt, when countries reached a historic agreement to compensate the countries most affected by climate disasters.

“However, scepticism remained about whether financial commitment and political will could be translated into real action. COP28 in the UAE was a milestone, but only COP29, under the Azerbaijani presidency, allowed the Fund to become fully operational,” the statement said.

The Fund serves not only as a financial mechanism but also as a recognition of historical inequities, ensuring that developed nations – the largest contributors to greenhouse gas emissions – are held accountable through resource redistribution.

It will begin financing projects in 2025, focusing on restoring damaged infrastructure, aiding displaced populations, and enhancing climate resilience in vulnerable regions.

On a related note, Azerbaijani President Ilham Aliyev’s leadership has been commended for prioritising the needs of least-developed countries and small island states, reflecting the country’s commitment to inclusivity and equality in global climate action.

“The Loss and Damage Fund is a collective recognition that those least responsible for the climate crisis should not bear its consequences alone,” the statement added.

-- BERNAMA