Parties at the COP29 climate summit in Baku, Azerbaijan, have reached an agreement to commence disbursement of the Loss and Damage Fund by 2025.
Deborah BodundeParties at the COP29 climate summit in Baku, Azerbaijan, have reached an agreement to commence disbursement of the loss and damage fund by 2025.
The deal reached at COP29 is expected to pave the way for the disbursement of funds to support adaptation and resilience-building efforts in vulnerable countries.on Sunday, the COP29 presidency announced that the summit successfully established the loss and damage fund, with disbursement expected to begin next year.
“The COP29 Presidency also succeeded in getting the Fund for Loss and Damage up and running and ready to distribute money in 2025,” the statement reads.“This decision was long awaited by developing countries, including small island states, least developed countries, and African nations.
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