The 3rd meeting of the Board of the Fund for Responding to Loss and Damage, which was established for assisting developing countries that are particularly vulnerable to the adverse effects of climate change, has today kicked off in Baku.

During the three-day meeting of the Board, significant decisions will be made regarding the Fund's obtaining of the status of a financial institution in the World Bank system and becoming operational.

About 200 representatives from developed and developing countries, the UN and other international organizations, the World Bank, international non-governmental organizations and constituencies are participating in the event.

In his opening remarks, Mukhtar Babayev, COP29 President-Designate, Azerbaijan’s Minister of Ecology and Natural Resources, highlighted the importance of global solidarity and stepping up efforts in the fight against climate change, as well as the need to start the practical activities of the Fund.

Established in 2023, the Fund for Responding to Loss and Damage aims to provide financial support to developed countries most vulnerable and impacted by the effects of climate change.