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:

• Azerbaijani government criticized for silencing media ahead of climate summit
• Developing nations urged to enhance transparency in climate finances
• Election outcomes won't shift climate goals, Cop29 leader says