Azerbaijan Aims To Initially Attract Several Donor Countries To Climate Finance Action Fund - Minister Of Economy
Date
9/25/2024 3:09:00 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 25. It is planned
to raise an initial capital of $1 billion and attract at least ten
donor countries to participate in the Climate Finance Action Fund
to start its activities, Azerbaijani Economy Minister Mikayil
Jabbarov said at an international forum on carbon pricing taking
place in Baku, Trend reports.
“In our opinion, this issue will be one of the key topics for
discussion within COP29,” the minister emphasized.
Jabbarov mentioned that the main objective of the Climate
Finance Action Fund is to increase the contribution of countries
with fossil fuel reserves and companies in this sector to the
transition to green technologies.
“One of the key initiatives on the COP29 agenda is the
establishment of a Climate Finance Action Fund (CFAF). This fund
can play an important role in addressing the climate finance gaps
that exist today. It is envisioned that the main sources of capital
for the fund will come from fossil fuel-producing countries, as
well as oil, gas, and coal companies. The main goal of the fund is
not only to invest in climate initiatives in developing countries
and small island states but also to increase the contribution of
countries with fossil fuel reserves and companies of this sector in
the transition to“green” technologies,” he stressed.
The minister reminded that Azerbaijan will host such a
significant event as the 29th session of the Conference of the
Parties to the UN Framework Convention on Climate Change
(COP29).
“Today's event directly corresponds to the objectives of COP29.
On the agenda is the assessment of the role of fiscal instruments
in the decarbonization process. Discussing this issue with
representatives of several authoritative international
organizations, as well as delegations of IOTA member countries,
will be extremely productive for us,” he added.
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