COP29 Host Aims to Raise $1 Billion for New Climate Fund

In line with global green transition aims, pressure is increasing to support developing countries around the globe to tackle climate change and develop their renewable energy capacity. The COP29 host country Azerbaijan is now in charge of setting up a new climate fund, aimed at encouraging fossil fuel producers to support low-income countries battling with the effects of climate change. Fossil-fuel-producing countries and companies will be encouraged to invest in the new Climate Finance Action Fund, which will provide finance for low-income…