BAKU, Azerbaijan, October 3. Participants of the Climate Finance Action Fund (CFAF) initiated by Azerbaijan will be named within COP29 events in Baku in November, an informed whistleblower told Trend.
“A budget of $1 billion should be set aside for this fund to begin its operations. At present, ten countries have agreed to become their donors through the participation of their companies, mainly working in the fossil fuel sector, in CFAF. Such participants from Azerbaijan will be SOCAR, bp, and several other companies, but the share participation will be announced during COP29,” he said.
CFAF is one of 14 key initiatives of Azerbaijan in the COP29 action program and is designed to help prompt response to natural disasters in developing countries.
The budget of the fund will be formed at the expense of voluntary contributions, while the fund will have opportunities for concessional and grant funding for rapid elimination of the consequences of disasters in needy countries.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) will be held in Azerbaijan in November this year. The decision was made at the plenary meeting of COP28 held in Dubai on December 11 last year. Within two weeks, Baku, having become the center of the world, will host about 70,000-80,000 foreign guests.
The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for Conference of Parties, which is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
A total of 198 countries are parties to the convention. Unless the parties have decided otherwise, COP is held annually. The first COP event was held in March 1995 in Germany's Berlin with its secretariat in Bonn.