BAKU, Azerbaijan, July 19. Azerbaijan proposes to approve the establishment of the Climate Finance Action Fund (CFAF) worth $1 billion during COP29, the chief negotiator for COP29 Yalchin Rafiyev said during the presentation of the COP29 Presidency Action Plan, Trend reports.
According to him, CFAF will be capitalized by contributions from fossil fuel-producing countries and oil, gas, and coal companies.
"Azerbaijan will be one of the founders of this fund. Generally, by now there are already 10 shareholders in this future fund," Rafiyev noted.
CFAF will be launched after the initial round of fundraising, which aims to capitalize the fund at $1 billion, is completed and once the 10 participating countries commit themselves as shareholders.
Furthermore, CFAF will focus on climate projects in developing countries that need support, meeting the next generation of NDCs to curb warming to 1.5°C;
"It will be a public-private partnership fund mobilizing the private sector and de-risking investments in mitigation, adaptation, and research and development. The fund will also maintain special funds with concessions and grant support for rapid disaster response in developing countries in need," Rafiyev emphasized.
To note, this November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70–80,000 foreign guests.
The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. COP - the Conference of the Parties - is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.
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