UAE hails COP29 progress on Loss and Damage Fund

BAKU/WAM

The COP28 Presidency was handed over to Azerbaijan on November 11, where during the opening ceremony, significant emphasis was put on the need for accelerated action to drive the implementation of the UAE Consensus announced in Dubai last year.
At the 29th Conference of the Parties (COP29) in Azerbaijan, the UAE participated in the operational launch of the Fund for Responding to Loss and Damage (FRLD). The FRLD is now accepting contributions and is expected to start financing projects in 2025.
Abdulla al Balalaa, Assistant Minister of Foreign Affairs for Energy and Sustainability, and Member of the FRLD Board, said: “We stand united in our collective aim to support those that are impacted by climate-induced damages; especially those throughout vulnerable communities where the greatest burden often falls. For these communities, the impacts of loss and damage extend far beyond economic hardships. They bear the weight of irreplaceable losses—losses that affect their culture, identity, and very way of life.”
“It is our shared responsibility to progress a united effort and strengthen coordination, foster meaningful knowledge sharing, and, most importantly, mobilise resources at an unprecedented level. As we mark this important milestone, let us renew our commitment to collective action, every effort, and every policy implemented serves those most impacted. The UAE stands ready to contribute towards a future of resilience and climate justice for all.”
Last year, at COP28 in Dubai, countries from across the globe signed the landmark UAE Consensus, ushering in a new chapter of ambitious climate action which aimed to re-engage the world with the priorities of our planet. The UAE Consensus is a living, breathing climate action framework to keep 1.5°C within reach, setting out ambitious targets in areas ranging from transitioning away from all fossil fuels to reach net zero by 2050, to tripling renewables and double energy efficiency by 2030.
The agreement to operationalise and capitalise FRLD was passed on the first day of COP28 – the first time such a substantive decision had been made on the first day of a COP. Parties made history through the operationalization and initial capitalisation of the Fund for Responding to loss and damage, which amounted to over $850 million in the first 48 hours of the opening of COP28.
COP29 has drawn broad international participation, with a renewed vision aimed at accelerating global climate action. By aligning global priorities with practical capacities and turning them into tangible and equitable outcomes, the UAE will help ambitiously accelerate action.
The UAE launched its dynamic and robust programming on November 13 at its Pavilion and at Goals House. These insightful discussions brought together climate experts, government officials, private sector leaders, academics, and youth to exchange ideas and co-create solutions for the most pressing climate challenges.