Azerbaijan Proposes Voluntary Climate Fund at COP29
The fund aims to raise $1 billion from fossil fuel producers to support climate action in developing countries.
- Azerbaijan's fund seeks contributions from fossil fuel nations and companies to finance climate resilience projects.
- The initiative replaces a previously considered levy on fossil fuel production.
- Critics argue the voluntary nature of the fund may limit its effectiveness and accuse it of greenwashing.
- The fund will be based in Baku and overseen by a board of contributing countries and companies.
- No other countries have committed to the fund yet, and Azerbaijan has not specified its own contribution.
The Guardian 
Financial Post 