The main objective at the 29th session of the UN Conference of the Parties on Climate Change, which will be held in Baku, is to determine ways to effectively combat climate change under all the provisions of the Paris Agreement, as well as to reach a consensus in this direction," said Mukhtar Babayev, Minister of Ecology and Natural Resources of the Republic of Azerbaijan, COP29 President-Designate at the 3rd meeting of the Board of Directors of the Fund for Responding to Loss and Damage held in Baku.
According to the minister, the parties participating in the conference will also discuss ways to eliminate the damage caused by climate change to individual countries.
M. Babayev also underlined that according to the report published this month, only African countries suffer a loss of up to 5 percent of the gross domestic product as a result of the climate change problem: "It is a well-known fact that the impact of human losses due to climate change is greater than that of other factors. Remembering the recent hurricane that caused tragic deaths in various parts of the Asian region is enough to understand these consequences."
He also recalled that the President of the Philippines recently signed a decision to establish a fund for compensating the damages caused by climate change: "We highly appreciate this step. Addressing the financing of climate change mitigation during COP29 will be an important step. We have 54 days ahead of us for this."
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