Agreements have been signed to pave the way for a United Nations-backed fund for the most climate-vulnerable countries to start project financing in 2025, COP29 host Azerbaijan said recently.
The “loss and damage” fund’s board signed a Trustee Agreement and a Secretariat Hosting Agreement with the World Bank and a Host Country Agreement with the Philippines at a ceremony in Baku.
At the ceremony, part of the 29th Conference of the Parties (COP), Sweden also pledged about $19 million, subject to approval by the Swedish government. This raised commitments to over $720 million, according to a statement on the COP29 website.
France and Italy lead commitments at about $112 million each, followed by Germany and the United Arab Emirates at $100 million each, according to online data from the UN Framework Convention on Climate Change (UNFCCC), the COP convenor.
“The Presidency is working with all countries that have pledged money to complete their contribution agreements as soon as possible”, the statement said.
