The Fund for Loss and Damage will be a key tool in helping nations to deal with the consequences of climate change, Mukhtar Babayev, COP29 President-designate and Azerbaijan's Minister of Ecology and Natural Resources, said during the 3rd meeting of the Board of the Fund held in Baku, Report informs.
“At the last meeting of the Board, we made important progress,” Babayev stated.
In particular, the COP29 Presidency recognizes the Board’s work to agree on the host for the fund and thank the Philippines for agreeing to play this important role. The approval of the draft of the arrangements between the COP, the CMA, and the Board is another important step, the minister added.
“We also welcome the signing of the “Loss and Damage Fund Board Act” by the President of the Republic of Philippines, granting juridical personality and legal capacity to the Fund.”
Babayev also pointed out that these events also have significant economic costs, often imposed on those least able to pay and those whose impact to climate change is so little.
“Earlier this month, the World Meteorological Organization noted that African countries are losing up to 5 % of their GDP to climate change. And small island developing states lose 2.1 % of GDP to disasters on average. We have directly witnessed the pressures these communities face, most recently in a trip to Tonga. Climate crisis for this people is existential. It is our moral duty to support these nations as they stand on the frontlines of climate change and face the human and economic costs,” he added.