COP29 host Azerbaijan launches climate fund, introduces fossil fuel levy ...Middle East

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COP29 host Azerbaijan launches climate fund, introduces fossil fuel levy
source : Business Standard ( Middle East ) () 47
Azerbaijan, the host of this year's UN climate talks, has shelved a planned levy on fossil fuel production and instead launched a fund to "invest" in climate action in developing countries. Reports suggest that Azerbaijan, which relies heavily on oil and gas revenues, faced resistance from some oil- and gas-producing Gulf countries regarding the planned levy announced in May. The new fund, the "Climate Finance Action Fund" (CFAF), will receive annual contributions from fossil fuel-producing countries and companies. Initial fundraising aims for USD 1 billion, with members committing to annual contributions as fixed sums or based on production volume, according to a statement. Based in the cap

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