PARIS, France: As the UN climate summit COP29 approaches, host nation Azerbaijan has unveiled a series of voluntary initiatives aimed at supplementing the main agenda, which remains mired in disagreements over financial commitments.
The summit, set to be held in November, is expected to focus on determining the financial support required by developing countries to address climate change, but formal negotiations have thus far been stymied by contention.
With just two months to go, Azerbaijan has proposed several initiatives designed to enhance the summit’s outcomes. These initiatives include urging participating nations to commit to a ceasefire during the conference, reducing methane emissions from organic waste, and addressing emissions from the tourism sector. Additionally, Azerbaijan is advocating for a global increase in energy storage capacities.
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One of the key proposals put forward by Azerbaijan is the establishment of a “climate finance action fund,” which aims to raise money for developing countries through donations from fossil fuel-producing nations and companies. Azerbaijan, a country heavily reliant on fossil fuels and situated between Iran and Russia, plans to make the inaugural contribution to this fund. The goal is to secure $1 billion and enlist 10 countries as shareholders to activate the fund. While there has been early interest, specifics about contributors remain undisclosed.
These voluntary initiatives, including non-binding pledges and commitments, are intended to complement the formal, binding agreements that COP summits typically produce. However, they are distinct from the protracted negotiations needed to reach a consensus-backed financial agreement with UN support.
The primary goal of COP29 is to establish a new financial target to replace the previously agreed $100 billion annual climate aid for developing countries, a target that was only met for the first time in 2022. The UN’s draft document released in August outlines seven options for a finance deal, reflecting the deep divisions between nations over the amount and source of climate aid.
