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Sunrise to Biden: pass the torch to protect your climate legacy [1]

['Edward Carver', 'Brett Wilkins', 'Julia Conley']

Date: 2024-07-12 18:27:20+00:00

Azerbaijani officials considered introducing a levy on fossil fuel producers to raise money for the fund but, after facing opposition from oil-producing Gulf countries, opted for a voluntary, public-private investment model, an anonymous source toldReuters.

350.org called Azerbaijan's plan a "commercial" venture and said "we must distinguish profit-driven investments from genuine efforts," in a statement.

"The role of a COP presidency is to drive forward highly concessional climate finance, not profit from it," said Andreas Sieber, associate director of policy and campaigns. "We demand accountability through tax levies, not token charity, in this climate emergency. Those responsible for the climate crisis must pay for what they have created."

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BREAKING: @COP29_AZ plans a $500mn fund with the money of #fossilfuel industry to fund the energy transition - sounds good at first, but its a charade to distract us from the #fossil industrys deadly unwillingness to transition. Lets unpack:https://t.co/R1A6gP0x1S

— Andreas Sieber (@ClimateAndreas) July 11, 2024

Azerbaijan's new fund marks the second year in a row that an oil-producing nation has sought to deflect criticism by announcing a climate finance venture ahead of the U.N. summit.

The United Arab Emirates (UAE), which hosted COP28 last year, announced a far larger climate investment fund, with a $30 billion initial investment and a goal of raising $250 billion. Forbesreported after COP28 that "the reality is the fund is an investment tool with a primary purpose of profits for the investors."

Like the UAE last year, Azerbaijan faces questions as its commitment to climate action.

"Several diplomats and negotiators have privately expressed concerns that Azerbaijan, which relies heavily on oil and gas revenues, is fundamentally reluctant to address the question of how to shift away from fossil fuels," The Financial Timesreported.

In January, Azerbaijan appointed a 20-year oil and gas veteran to lead COP29 talks, drawing criticism from environmental groups. A Global Witness report revealed that the country plans not to phase out fossil fuel use, per an international agreement made at COP28, but to raise gas production by one-third in the next decade.



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[1] Url: https://www.commondreams.org/newswire/sunrise-to-biden-pass-the-torch-to-protect-your-climate-legacy

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