Azerbaijan, host of the UN COP29 climate summit, announced recently that it will launch a new climate fund that will aim to mobilize $1 billion to support developing countries’ new national climate targets. The climate summit host hopes the new fund, which will be housed in the capital city of Baku and overseen by a multi-national board of shareholders, will be capitalized with contributions from 10 fossil-fuel producing countries as well as oil and gas companies. Azerbaijan had initially sought a levy on fossil-fuel production to raise funds for tackling climate change, but changed course after facing resistance from some countries.

Source: https://www.deccanherald.com