By Dare Akogun
The Board of the Fund for Responding to Loss and Damage, created to assist developing nations severely impacted by climate change, has begun its third meeting in Baku, Azerbaijan.
The three-day event, which commenced on September 18, is expected to produce groundbreaking decisions, including the full operationalization of the Fund and its formal recognition as a financial institution under the World Bank.
Established during COP27, the Fund has yet to start its activities despite the adoption of decisions regarding its structure at COP28. The current meeting is a critical step toward fulfilling its mandate of providing financial aid to countries most vulnerable to the effects of climate change.
Nearly 200 participants are in attendance, representing a wide range of stakeholders, including developed and developing countries, United Nations agencies, the World Bank, international NGOs, and other like-minded constituencies.
One of the central issues on the agenda is the anticipated appointment of the Fund’s Executive Director, a move that could accelerate its operational readiness.
The High-Level Dialogue on Funding Arrangements for Loss and Damage is also a key discussion point at the meeting.
This dialogue is slated to be formally launched during the World Climate Action Summit at COP29, underscoring the increasing global focus on climate-related financial mechanisms.
In his opening remarks, Mukhtar Babayev, COP29 President-Designate and Minister of Ecology and Natural Resources of Azerbaijan, stressed the importance of global solidarity in combating climate change. He reiterated the urgent need for the Fund to become fully operational to meet the pressing needs of vulnerable nations.
The decision to hold this significant meeting in Azerbaijan further cements the country’s growing role in global climate diplomacy. Hosting the event ahead of COP29 highlights Azerbaijan’s commitment to addressing the challenges posed by climate change, particularly for developing nations and Small Island Developing States (SIDS). This move also reinforces Azerbaijan’s geopolitical standing and its importance as a global player in climate action.
The meeting is seen as pivotal for advancing the Fund’s mission and enhancing global cooperation to tackle the adverse impacts of climate change.
As the world prepares for COP29, expectations are high for the outcome of this session, which many hope will unlock new avenues for climate finance and solidify the international community’s commitment to addressing loss and damage.
