Azerbaijan seeks contributions from fossil fuel producers for new climate fund

Azerbaijan, hosting the Cop29 summit in November, is asking fossil fuel-producing countries and companies to fund a new initiative to help poorer nations combat climate change.

Fiona Harvey reports for The Guardian.


In short:

  • Azerbaijan is setting up the Climate Finance Action Fund to receive contributions from fossil fuel countries and companies.
  • The fund aims to invest in projects that reduce greenhouse gas emissions and build resilience in developing countries.
  • Contributions are voluntary, with no enforcement mechanism proposed.

Key quote:

"Traditional funding methods have proven to be inadequate to the challenges of the climate crisis, so we have decided on a different approach."

— Yalchin Rafiyev, chief negotiator for the Cop29 presidency

Why this matters:

Voluntary contributions from fossil fuel producers to a climate fund could be a step towards holding these entities accountable for their emissions. However, without mandatory enforcement, the fund's impact may be limited.

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