Azerbaijan has scrapped plans to introduce a levy on fossil fuels, opting instead for a climate finance investment fund. The COP29 host launched the Climate Finance Action Fund with an initial goal of raising $1 billion in funding, and aims to support developing countries and climate projects focusing on clean energy, resilience building and the development of new technologies. The decision not to pursue a fossil fuel levy has been met with criticism. Speaking to the Business Standard, the Global Engagement Director for the Fossil Fuel Non-Proliferation Treaty Initiative Harjeet Singh emphasises that the COP29 hosts need to take a firmer stance on fossil fuels. “The COP29 Presidency’s plan for the climate summit this November lacks the ambition to phase out fossil fuels and falls massively short in supporting a just transition for developing nations. True climate justice means holding the fossil fuel industry financially responsible for the destruction it has caused, not facilitating its continued operation under the guise of tiny contributions to climate solutions,” says Singh.
