Baku hosts the third session of the International Climate Change Assistance Fund

The third board meeting of the Fund to Combat Loss and Damage, established to help developing countries that are particularly vulnerable to the negative impacts of climate change, began in Baku on Wednesday.

The event was attended by around 200 representatives from developed and developing countries, the UN and other international organizations, the World Bank, international NGOs and voting groups.

The three-day meeting is expected to produce important decisions, including on the Fund's acquisition of financial institution status within the World Bank system and its commencement of operations.

In his address, Mukhtar Babayev, COP29 President-elect and Azerbaijani Minister of Ecology and Natural Resources, said: “Building on the successes of COP27 and COP28, we must make the Fund to Respond to Loss and Damage fully operational.”

Babayev highlighted the severe human consequences of climate change, citing recent events such as Typhoon Yagi, which caused tragic loss of life and widespread damage in parts of Asia.

He described supporting countries affected by climate change as “our moral duty” and stressed the importance of the Fund in helping these countries deal with the impacts of climate change.

“Earlier this month, the World Meteorological Organization reported that African countries have lost five percent of their GDP due to climate change, while small island developing states have lost an average of 2.1 percent of their GDP due to disasters,” Mukhtar Babayev noted.

He also mentioned that the COP29 Presidency had observed first-hand the pressures facing these communities, citing a recent visit to Tonga.

“At the last Board meeting, we made significant progress. In particular, the COP29 Presidency commends the Board's efforts in selecting the hosts for the Fund and thanks the Philippines for agreeing to take on this important role,” added the COP29 President-elect.

The Loss and Damage Recovery Fund, established in 2023, will provide financial support to developing countries most affected by climate change.

AZERTAC