COP29 president urges full operationalization of Loss and Damage Response Fund

Mukhtar Babayev, COP29 President-Designate and Azerbaijan's Minister of Ecology and Natural Resources, has called for the full operationalization of the Fund for Responding to Loss and Damage.

Speaking at the 3rd meeting of the Board of the Fund for Responding to Loss and Damage in Baku on Wednesday, Babayev highlighted the importance of building on the achievements of COP27 and COP28, News.Az reports.

"We must fully operationalize the Loss and Damage Response Fund," the COP29 president emphasized, adding that urgent progress is needed as the impacts of climate change are already being felt across various countries.

Baku, the capital of Azerbaijan, will host the 2024 UN Climate Change Conference (UNFCCC COP 29) for the first time in the region from November 11–22, 2024. The decision was made at the plenary session of COP28 on December 11. Azerbaijan successfully participated in the COP28 held in Abu Dhabi last year.

Azerbaijan is committed to developing its renewable energy potential, which is an important part of the country’s plan to reduce greenhouse gas emissions by 40% by 2050. The country intends to increase renewable power capacity to 30% by 2030 and diversify its existing energy system to become a leader in green energy. Azerbaijan is committed to leading by example and will update its national targets in its next 1.5-aligned Nationally Determined Contribution.

News.Az