One of the main initiatives regarding COP29 agenda is the creation of the Climate Finance Action Fund (CFAF), Azerbaijan's Economy Minister Mikayil Jabbarov said during his speech at the International Forum on Carbon Pricing held jointly by the Azerbaijan's State Tax Service and the Intra-European Organisation of Tax Administrations (IOTA), APA-Economics reports.
The Minister underlined that this Fund can play a significant role in eliminating existing gaps in climate finance. The capital of the fund is supposed to be financed mainly by countries producing fossil fuels, as well as companies engaged in oil, gas and coal production.
He emphasized that for the fund to start its activities, it is planned to initially raise capital in the amount of 1 billion US dollars and at least 10 donor countries will join the fund.