2024-07-30 23:18:15
Azerbaijan proposes to approve the creation of a $1 billion Climate Finance Action Fund (CFAF) during COP29.
As reported by Day.Az, COP29 Chief Negotiator Yalcin Rafiyev said this during the presentation of the COP29 Presidency Action Plan.
According to him, the CFAF will be capitalized through contributions from fossil fuel producing countries and companies operating in the oil, gas and coal sectors.
“Azerbaijan will become one of the founders of this fund. In total, there are already 10 shareholders of this future fund,” Rafiyev noted.
The CFAF will become operational after the completion of an initial fundraising round, which aims to capitalize the fund at US$1 billion, and when 10 participating countries have committed to being shareholders.
CFAF will target climate projects in developing countries that need support to meet the next generation of NDCs to keep warming to 1.5°C;
“It will become a public-private partnership fund that mobilizes the private sector and reduces the risks of investments in the areas of mitigation, adaptation, and research and development. The fund will also contain special funds with preferential and grant support for the rapid elimination of the consequences of natural disasters in developing countries in need,” Rafiyev said.
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