2024-08-04 23:51:45
Foreign media outlets are reporting on the initiative to create a Climate Action Fund, which was put forward by Azerbaijan, which is hosting the COP29 climate summit this year, Day.Az reports.
An article published by the influential British newspaper The Guardian on July 20 noted that the climate investment fund would accept financial contributions from countries and companies producing fossil fuels and use these funds to invest in projects in developing countries aimed at reducing greenhouse gas emissions and increasing resilience to extreme weather conditions. The Fund is expected to reach $1 billion.
Traditional financing methods have proven inadequate to meet the challenges of the climate crisis, according to COP29 chief negotiator Yalcin Rafiyev.
“That’s why we decided to take a different approach. The fund will be formed from contributions from countries and companies that extract fossil fuels, and any developing country will be able to receive money from the fund,” he said.
“The fund represents the first attempt in the UN climate talks to bind the countries and industries that produce fossil fuels and most of the world’s greenhouse gas emissions to a responsibility to help poor countries cope with the climate crisis they face,” writes the article’s author, Fiona Harvey, the Guardian’s environment editor.
Harjit Singh, director of global engagement at the Fossil Fuel Treaty Initiative, said the proposal for a new fund for developing countries reaffirms the responsibility of companies to reduce carbon emissions. He stressed that fossil fuel production caused the climate crisis and that companies in the industry must pay for the consequences of climate change.
The publication recalls that earlier, the executive secretary of the UN Framework Convention on Climate Change (UNFCCC) Simon Steele, who witnessed the devastating effects of Hurricane Beryl on his home island in the Grenadines archipelago, called on all countries to develop tougher plans to reduce emissions and provide assistance to poor countries most affected by the climate crisis.
The Executive Secretary emphasized that the significance of the Conference of the Parties to the UNFCCC is that it gives humanity hope to overcome the climate crisis, achieve decarbonization and build climate resilience.
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