During the final plenary session, a resolution was adopted expressing official gratitude to Azerbaijan for its high-level organization of the event.
COP29 President Mukhtar Babayev proposed putting the resolution to a vote, which was subsequently approved. One of the key outcomes of the conference was the full launch of the “Loss and Damage” Fund, which had been eagerly anticipated by developing nations, including small island states, least developed countries, and African nations vulnerable to the impacts of climate change.
The creation of the Fund was agreed upon at COP27 in Egypt, and its launch became a major priority during Azerbaijan’s COP29 presidency. Under the leadership of President Ilham Aliyev, the focus was placed on addressing climate change-related challenges faced by the most vulnerable countries.
A series of important agreements were signed, including a trusteeship agreement between the Fund’s Board and the World Bank, a secretariat placement agreement, and an agreement between the Fund’s Board and the host country, the Philippines. The total financial support pledged to the Fund now exceeds $750 million.
Thanks to these achievements, the “Loss and Damage” Fund will be able to finance projects to support affected countries starting in 2025, marking another significant success for Azerbaijan’s presidency at COP29.
