A historic decision was made in Baku.

Axar.az reports that at COP29, a decision was made to ensure the full operation of the Loss and Damage Fund, which developing countries, including small island, least developed and African states, are impatiently waiting for.

This is in accordance with the President of the Republic of Azerbaijan, Mr. Ilham Aliyev, identifying the issue of solving the difficulties caused by the consequences of climate change to small island countries as a priority of the COP29 Presidency.

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

During the COP28 held in the United Arab Emirates, the decision to start the Fund was made.

The COP29 Presidency took important steps to ensure the operation of the Damage Fund, and closely cooperated with the Board of Directors and the World Bank. During the 3rd meeting of the Fund's Management Board held in Baku in September of this year, important measures were taken to start the Fund's activities, and Ibrahima Sheikh Diongun was appointed as the Fund's executive director.

Within the framework of COP29, a number of important agreements regarding the Loss and Damage Fund were signed. These are the "Trusteeship Agreement" and the "Secretariat Host Agreement" between the Fund's Board of Directors and the World Bank, as well as the "Host Country Agreement" between the Fund's Board of Directors and the host country, the Republic of the Philippines.

Currently, the total amount of financial support pledged to the Fund is more than 730 million US dollars.

With these achievements, the Loss and Damage Fund will be able to finance projects from 2025. This is the next success of Azerbaijan's COP29 Presidency.