Azerbaijan launches climate fund, seeks fossil-fuel producer support

20/7/2024 7:31

        Azerbaijan, host of the U.N. COP29 climate summit, announced Friday it will launch a new climate fund that will aim to mobilize $1 billion to support developing countries' new national climate targets.
        
        The climate summit host hopes the new fund, which will be housed in the capital city of Baku and overseen by a multi-national board of shareholders, will be capitalized with contributions from 10 fossil-fuel producing countries as well as oil and gas companies.
        
        Azerbaijan had initially sought a levy on fossil-fuel production to raise funds for tackling climate change, but changed course after facing resistance from some countries.
        
        "Countries rich in natural resources should be at the forefront of those addressing climate change,” said COP29 President-Designate Mukhtar Babayev. "We are calling on donors to join us so that we can fulfil the COP29 plan to enhance ambition and enable action."