The decision made at COP29 to ensure the full functioning of the Loss and Damage Fund was long-awaited, Kanako Mabuchi, head of the UN Resident Coordinator's Office in Azerbaijan, told Report.
She noted another success achieved under Azerbaijan's chairmanship at COP29: "The Loss and Damage Fund's activities are aimed at supporting countries and communities most vulnerable to the negative impacts of climate change. According to the latest UN Refugee Agency (UNHCR) report, three-quarters of more than 120 million forcibly displaced people worldwide live in countries severely affected by climate change. Therefore, the decision made at COP29 to ensure the full functioning of the Loss and Damage Fund was long-awaited. The Fund will begin financing projects in 2025. To date, the amount of pledged financial support to the Fund exceeds $730 million," added Mabuchi.
The decision to establish the Loss and Damage Fund was made at COP27 in Egypt. During COP29 under Azerbaijan's chairmanship, several important agreements concerning the Fund were signed, including the "Trustee Agreement" and "Secretariat Hosting Agreement," as well as the "Host Country Agreement" between the Fund's Board and the host country - the Republic of the Philippines.
Currently, the total amount of pledged financial support to the Fund exceeds $730 million. Thanks to these achievements, the Loss and Damage Fund will be able to start financing projects from 2025.