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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