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.

Related EHN coverage:

www.theguardian.com

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