Top Posts
African climate change projects secure major funding
Former French PM urges China, Europe to unite...
NDDC, FOSDO launch tree-planting campaign to address climate...
WHO unveils an ambitious blueprint for action on...
New report shows nearly 900 million poor people...
Lagos to Host 2025 International Climate Change Summit
New study shows overheating world will add 57...
NAICOM urges W’African insurers to invest in climate...
Climate change: Nigeria, development partners launch Net Zero...
Nigeria launches net zero project to fight climate...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

Cop29 host Azerbaijan seeks $1bn from fossil fuel producers for climate fund

by admineconai July 21, 2024
written by admineconai July 21, 2024
589

Fossil-fuel producing countries and companies have been called upon to pay into a new international fund to help poor countries cope with the effects of the climate crisis.

The climate investment fund is being set up by the Azerbaijan government, host country of the Cop29 UN climate summit in November.

According to reports, the Climate Finance Action Fund will take financial contributions from fossil-fuel-producing countries and companies and use the money to invest in projects in the developing world that reduce greenhouse gas emissions and help build resilience to the impacts of extreme weather.

Yalchin Rafiyev, who is the chief negotiator for the Cop29 presidency, said: “Traditional funding methods have proven to be inadequate to the challenges of the climate crisis, so we have decided on a different approach. The fund will be capitalised with contributions from fossil-fuel countries and companies and will catalyse the private sector. Any developing country will be eligible [to receive money from] the fund.”

But contributions to the fund will be voluntary and no mechanism is proposed to force the countries and companies most responsible for greenhouse gas emissions to pay into it.

Read also: As Nigeria moves to adopt cleaner and more sustainable cooking methods

This falls well short of the levy on fossil fuels that some campaigners have been calling for. Bronwen Tucker, the public finance lead at the campaign group Oil Change International, said: “This is a dangerous distraction from the strong new climate finance goal and national plans that Cop29 must ensure for a fair, full and fast fossil fuel phase-out.”

However, setting up the fund at Cop29 does represent a first attempt within the UN climate negotiations to link fossil fuel-producing countries and industries, which produce the bulk of the world’s greenhouse gas emissions, with a responsibility to help poor countries pay for the consequences they face from the climate crisis.

Harjeet Singh, the global engagement director at the Fossil Fuel Non-Proliferation Treaty Initiative, said: “While the announcement of a new fund for developing countries echoes the longstanding demands for holding the fossil fuel industry accountable, it must not serve as a free pass for continued extraction of gas, oil and coal.

“The fossil fuel industry has caused the climate crisis and must be adequately penalised to pay for the transition and climate damages.”

Azerbaijan is seeking at least $1bn from at least 10 countries and big companies to capitalise the fund. The fund will be headquartered in Baku, the Azerbaijan capital, and its overseeing board will be made up of representatives from the contributors, and will be independent of existing multilateral development banks, including the World Bank.

Story was adapted from the Guardian.

AzerbaijanClimate fundCop29Fossil fuelsHost
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
As Nigeria moves to adopt cleaner and more sustainable cooking methods
next post
Campaign group warns six million people at risk from extreme heat in England

Related Posts

Former French PM urges China, Europe to unite...

October 22, 2025

WHO unveils an ambitious blueprint for action on...

October 20, 2025

New report shows nearly 900 million poor people...

October 20, 2025

New study shows overheating world will add 57...

October 16, 2025

Heaviest monsoon in a decade kills 458 people...

October 9, 2025

Council releases first fully electric bin lorry

October 9, 2025

Study shows US asthma inhalers produce same emissions...

October 7, 2025

Pope Leo hits out at climate change critics

October 3, 2025

Protesters seek $5tr payment from fossil fuel companies

October 1, 2025

UN official says climate change displaces up to...

September 30, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World