PARIS: Azerbaijan said Friday it hopes to raise money from fossil fuel producers for green projects in developing countries as the petro-state prepares to host the world’s most important climate summit.
The proposal, announced in Baku by the hosts of November’s UN COP29 climate summit, attracted immediate criticism from activists who slammed it as “greenwashing”.
The “climate finance action fund” aimed to attract an initial $1 billion through voluntary contributions from oil, gas and coal producers.
The idea was still an “initial concept” and would not become operational until the start-up money had been found and 10 countries had signed on.
Azerbaijan, a gas-rich nation on the Caspian Sea, did not disclose how much it planned to contribute, or if other fossil fuel countries or companies had expressed any interest.
“We are calling all donors to join us,” said COP29 president Mukhtar Babayev, a government minister and former executive at Azerbaijan’s national oil and gas company.
In Baku in November, nearly 200 nations are hoping to resolve a divisive question over how much wealthy nations should pay developing countries for climate assistance.
COP29 host Azerbaijan plans to upgrade climate target
Wealthy countries most responsible for climate change face pressure to commit more money to support poorer countries in coping with the impacts of a warming planet.
But there is strong disagreement over how much they should pay, and rich countries have pushed for large polluters like China and Saudi Arabia to also contribute.
Azerbaijan has acknowledged the lack of progress but remains optimistic that a deal can be reached when it hosts world leaders and diplomats for the marathon year-end climate talks.
‘Greenwashing’
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