COP29: Deal agreed for full operationalisation of ‘Loss & Damage’ Fund

Following two weeks of intensive negotiations among the Parties in Baku, Azerbaijan, the COP29 Presidency announced on Sunday that an agreement had been reached to facilitate the full operationalisation of the Loss and Damage Fund.

This initiative aims to support developing countries in enhancing their resilience to the impacts of climate change.

In a statement issued Sunday, the COP29 host said the deal aligns with the priority set by the President of the Republic of Azerbaijan, Ilham Aliyev, to address the challenges posed by climate change impacts on small island states under the COP29 Presidency.

“At COP29, a decision was made to ensure the full operationalisation of the Loss and Damage Fund, long awaited by developing countries, including small island states, least developed countries, and African nations,” the statement said .

The establishment of the Loss and Damage Fund was agreed upon during COP27 held in Egypt. The fund aims to provide financial assistance to countries most vulnerable to the impacts of climate change.

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During COP28 in the United Arab Emirates, a decision was made to launch the Fund’s operations.

On Sunday, the COP29 Presidency said they took significant steps to ensure the Fund’s operationalisation, working closely with its Board and the World Bank.

More details soon…