UAE Applauds COP29 Milestone in Advancing Loss and Damage Fund

Baku, The Gulf Observer: On November 11, Azerbaijan officially took over the presidency of COP29, marking a significant moment for the global climate agenda. During the opening ceremony, the focus was placed on the urgent need for accelerated action to implement the UAE Consensus, announced at COP28 in Dubai last year. This transition aims to further drive global efforts in combating climate change and addressing the most vulnerable communities.

One of the key highlights at COP29 was the operational launch of the Fund for Responding to Loss and Damage (FRLD), a major step in addressing the impacts of climate-induced damages. The FRLD, now officially accepting contributions, is set to begin financing projects by 2025. The initiative was presented as part of the UAE’s ongoing commitment to supporting the communities most affected by climate change.

Abdulla al Balalaa, Assistant Minister of Foreign Affairs for Energy and Sustainability of the UAE and a Board member of the FRLD, emphasized the importance of collective responsibility. “We stand united in our collective aim to support those impacted by climate-induced damages, especially in vulnerable communities where the greatest burden falls. For these communities, the impacts of loss and damage extend beyond economic hardships. They bear the weight of irreplaceable losses—losses that affect their culture, identity, and very way of life,” he said.

Al Balalaa reiterated the shared responsibility of nations to strengthen coordination, foster knowledge sharing, and mobilize resources at an unprecedented level. “Let us renew our commitment to collective action,” he urged, stressing that every effort and policy must serve those most affected by climate change. The UAE, he affirmed, is committed to a future of resilience and climate justice for all.

The FRLD was first announced at COP28 in Dubai, where countries agreed to the operationalization and initial capitalization of the fund, amounting to over $850 million in the first 48 hours. This historic decision marked a significant milestone in international climate cooperation, especially as it was made on the first day of the conference.

COP29 in Baku has drawn broad international participation, with a renewed vision aimed at accelerating global climate action. The UAE has committed to aligning global priorities with practical actions that lead to tangible and equitable outcomes. As part of this, the UAE launched its robust programming on November 13 at its Pavilion and at Goals House. These events are designed to bring together climate experts, government officials, private sector leaders, academics, and youth to exchange ideas and co-create solutions for the world’s most pressing climate challenges.

COP29 represents a pivotal moment in the global climate effort, as nations work to translate ambitious climate goals into effective, impactful actions.