Azerbaijan Launches Climate Finance Action Fund in Package of Initiatives for COP29
Originally from the COP29 web page here. The Fund to receive annual contributions from fossil fuel producing countries and companies. Fund to target climate projects in developing countries that need support, meeting next generation of NDCs to keep 1.5C within reach, and addressing the consequences of natural disasters. Fund will catalyze public and private sectors across mitigation, adaptation, and research and development, and will contain additional special facilities. Initial fundraising aiming for $1 billion, as COP29 President-Designate calls for contributors to come forward with climate finance. Fund one of 14 initiatives in COP29 Action Agenda to enhance ambition and enable action. Azerbaijan has announced the Climate Finance Action Fund (CFAF) to invest in climate action in the developing world. CFAF will be capitalised with contributions from fossil fuel producing countries and companies across oil, gas and coal, and Azerbaijan will be a founding contributor. Members w...