Azerbaijan Calls For $1 Billion Fund To Deal with World Warming – Is This A Joke? – CleanTechnica – TechnoNews

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Azerbaijan, the host nation for the following international local weather assembly — COP 29 — is asking rich nations and fossil gas corporations to contribute to a $1 billion fund that can assist poor nations deal with the accumulating horrors of an overheating planet. The Local weather Finance Motion Fund will take monetary contributions from fossil gas producing nations and corporations and use the cash to put money into initiatives within the growing world that scale back greenhouse gasoline emissions and assist construct resilience to the impacts of maximum climate.

Yalchin Rafiyev, the chief negotiator for the COP29 presidency, mentioned, “Traditional funding methods have proven to be inadequate to the challenges of the climate crisis, so we have decided on a different approach. The fund will be capitalised with contributions from fossil-fuel countries and companies and will catalyse the private sector. Any developing country will be eligible [to receive money from] the fund.”

Contributions to the fund shall be voluntary and no mechanism is proposed to require the nations and corporations most chargeable for greenhouse gasoline emissions to pay into it. Local weather advocates odor a rat and say the proposal by Azerbaijan falls nicely in need of the levy on fossil fuels that some campaigners have been calling for.

Bronwen Tucker, the general public finance lead on the marketing campaign group Oil Change Worldwide, advised The Guardian, “This is a dangerous distraction from the strong new climate finance goal and national plans that COP29 must ensure for a fair, full and fast fossil fuel phase-out.” Harjeet Singh, the worldwide engagement director on the Fossil Gasoline Non-Proliferation Treaty Initiative, added, “While the announcement of a new fund for developing countries echoes the long standing demands for holding the fossil fuel industry accountable, it must not serve as a free pass for continued extraction of gas, oil and coal. The fossil fuel industry has caused the climate crisis and must be adequately penalized to pay for the transition and climate damages.”

Establishing the fund at COP29 does signify a primary try throughout the UN local weather negotiations to hyperlink fossil gas producing nations and industries — which produce the majority of the world’s greenhouse gasoline emission — with a accountability to assist poor nations pay for the results they face from the local weather disaster. Azerbaijan is searching for a minimal of $1 billion from a minimum of 10 nations and massive corporations to capitalize the brand new fund. It is going to be headquartered in Baku, the capital of Azerbaijan, and its overseeing board shall be made up of representatives from the contributors. It is going to function independently of current multilateral improvement banks because the World Financial institution and the Worldwide Financial Fund.

Bronwen Tucker mentioned, “Polluters must pay for their climate crimes on the scale of trillions, not with a $1 billion voluntary fund that gives Big Oil decision making powers. Fossil fuel interests have knowingly and systematically blocked, delayed and undermined necessary climate solutions and shouldn’t have a seat at the table.” Azerbaijan has not but been particular about its personal contribution to the fund, although it has pledged to make one. No different nations have but signed as much as contribute to the fund.

The fund won’t put money into any fossil fuels, together with gasoline. Any earnings generated by the fund, resembling from investing in renewable power, shall be plowed again into the fund so there shall be no alternative for profit-taking by non-public sector traders and governments. Bob Ward, a coverage director on the Grantham Analysis Institute on Local weather Change and the Surroundings on the London Faculty of Economics, warns, “The Climate Finance Action Fund could be regarded as climate washing if it is intended to alleviate the pressure to phase out oil, coal and gas.”

Simon Stiell, the UN local weather chief, who has been visiting his dwelling in Grenada the place the homes of kin have been severely broken by Hurricane Beryl, referred to as on all nations to supply stronger plans to chop emissions, and to help the poor nations worst hit by the local weather disaster. “The significance of this [COP] process is that it is humanity’s best hope of solving the climate crisis, achieving decarbonization and building climate resilience. This process does deliver results, as we have seen.”

Azerbaijan & COP 29

Actually, Simon? The never-ending string of COP conferences over the previous 28 years have made no extra distinction to the battle to maintain the Earth liveable for people than a pisshole in  the snow. They typically entice extra fossil gas shills and lobbyists than delegates and wind up being a celebration of an oil and methane economic system that threatens us all. And to not put too tremendous a degree on it, Azerbaijan itself is a shining monument to the damaging energy of fossil fuels. The Caspian Sea — as soon as a pristine physique of water — is now a festering sinkhole of sludge, due to many years of fossil gas extraction. Having Azerbaijan observe Dubai because the host nation for this 12 months’s COP is an insult to everybody who needs to see actual motion taken to restrict international overheating.

Why will we even trouble with these COP conferences that are themselves little greater than greenwashing? After COP28 in Dubai, response was decidedly pessimistic. Writing within the Washington Submit, Shannon Osaka mentioned, “The problem with every country’s promise to phase out fossil fuels is that nobody is really planning for a fossil fuel phaseout.” In different phrases, everyone seems to be paying lip service to the thought expressed by the delegates in Dubai, whereas dashing full pace forward to extract each molecule of coal, oil, or methane that also lies hidden beneath the Earth.