Yalchin Rafiyev, COP29 lead negotiator, says parties are set to sign a landmark agreement to operationalise the loss and damage fund.
Loss and damage is a term that describes climate change impacts that go beyond what people can adapt to.
The fund was launched at COP28 in the United Arab Emirates (UAE) after several months of negotiations.
This deal is expected to pave the way for the disbursement of funds to support adaptation and resilience-building efforts in vulnerable countries.
Speaking on Tuesday during the opening ceremony of the COP29 World Leaders’ Climate Action Summit in Baku, Azerbaijan, Rafiyev said the deal is a “defining moment for multilateral climate action”.
He noted that the signing of the hosting, trustee and contributor agreements will officially set the ball rolling.
The COP29 lead negotiator expressed satisfaction over the adoption of Article 6.4 of the Paris Agreement.
“Colleagues, yesterday we already secured critical progress on one of our key priorities – Article 6. Last month we hosted a meeting of the supervisory body for Article 6.4 in Baku,” Rafiyev said.
“Yesterday, parties reached consensus on the standards for Article 6.4 and a dynamic mechanism to update them. This is a critical step towards concluding Article 6 negotiations.
“We will also take historic steps to get the Fund for Loss and Damage up and running. Today, we will sign the hosting, trustee and contributor agreements that will turn the pledges into concrete funding.
“This will allow support to start flowing in 2025.”