The much-anticipated Fund for Responding to Loss and Damage is now set to receive contributions, following the signing of key agreements.
The fund aims to offer vital support for communities impacted by the severe effects of climate change, with project financing expected to begin in 2025.
At a signing event in Baku, agreements come together between the fund’s board, the World Bank, and the Philippines as the host country.
This fund provides urgent support to communities facing the worst effects of climate change. Countries who pledge support now work to complete their contributions.
Sweden pledged nearly 19 million dollars, bringing the fund’s total to over 720 million dollars.
This fund has been a top priority for COP29 leaders, and this signing means they’re one step closer to delivering support.
The ceremony was attended by several high-profile figures, and representatives from previous COP presidencies.
COP29 Lead Negotiator Yalchin Rafiyev closed the event, emphasising that this success is just one step toward reaching a balanced outcome at COP29.
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