From today’s Indian Express
Azerbaijan, host of COP29, announced the creation of a new fund to support climate action in developing countries.
The Climate Finance Action Fund (CFAF) will seek voluntary contributions from fossil fuel producers, including countries and companies.
Azerbaijan, a petroleum-driven economy, will make the initial contribution, but the fund’s financial target remains unclear.
Focus on Climate Finance at COP29
The primary agenda for COP29 is to finalize an agreement on post-2025 climate finance.
Developed nations have been mandated to mobilize at least $100 billion annually since 2020, but the sum is expected to increase post-2025.
However, negotiations on the specifics have seen limited progress, with several meetings scheduled before COP29 in Baku (November 11-22, 2024).
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