On Friday 19 July, 4 months ahead of COP29 in Baku, Azerbaijan unveiled an initiative to raise an initial $1 billion in voluntary contributions from fossil fuel producers for the transition and adaptation to climate change in developing countries.
The fund, called the Climate Finance Action Fund (CFAC), will be based in Baku and will be “the first fund with both fossil fuel producing countries and companies across oil, gas and coal”, as described in a press release by COP29 chief...