RIYADH: Hosted by Azerbaijan’s COP29 presidency, a raft of decisions was made by the board of the fund for responding to loss and damage on the fund’s complete operationalization, at the third meeting in Baku.

After years of diplomatic efforts, since the fund’s creation at COP27 and its operationalization decision at COP28, these major discussions pave the way for the fund to start spending money in 2025. 

The presidency plans to use the upcoming summit in Baku to work with countries that have pledged nearly $800 million to translate these commitments into actionable resources for communities in need. The presidency will seek further contributions as well.

Mukhtar Babayev, COP29 president, gave his comments on this historical milestone.

“This breakthrough in Baku marks a crucial step in enabling action on climate change,” he said. “This is a truly historic day, years in the making, that has required determination from so many and an unwavering focus on the needs of those on the frontlines of the climate crisis.

“The COP29 presidency will continue to seek further pledges to the fund, and work across the wider loss and damage landscape to ensure that we build on today’s historic achievements.”

The initiative presents an important opportunity for the COP29 presidency to secure one of the objectives for the global climate agenda this year, as outlined in the initial “letter to parties” in July. 

During the meeting, the board elected the fund’s executive director, who will be announced soon, and approved the hosting agreement and trustee arrangements with the World Bank. 

A number of decisions were taken at the meeting, including approval for the launch of the annual dialogue, COP29, to be co-hosted by Azerbaijan and the board of the fund for responding to loss and damage.

Another decision was the approval of the “Agreement on hosting arrangement for the secretariat of the fund for responding to loss and damage” to be concluded between the World Bank and the board.