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

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

Yalchin Rafiyev, the chief negotiator for the COP29 presidency, mentioned, “Conventional funding strategies have confirmed to be insufficient to the challenges of the local weather disaster, so now we have selected a special method. The fund might be capitalised with contributions from fossil-fuel nations and firms and can catalyse the non-public sector. Any creating nation might be eligible [to receive money from] the fund.”

Contributions to the fund might be voluntary and no mechanism is proposed to require the nations and firms most chargeable for greenhouse gasoline emissions to pay into it. Local weather advocates scent 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, “It is a harmful distraction from the sturdy new local weather finance purpose and nationwide plans that COP29 should guarantee for a good, full and quick fossil gas phase-out.” Harjeet Singh, the worldwide engagement director on the Fossil Gas Non-Proliferation Treaty Initiative, added, “Whereas the announcement of a brand new fund for creating nations echoes the lengthy standing calls for for holding the fossil gas trade accountable, it should not function a free cross for continued extraction of gasoline, oil and coal. The fossil gas trade has precipitated the local weather disaster and should be adequately penalized to pay for the transition and local weather damages.”

Establishing the fund at COP29 does symbolize 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 duty to assist poor nations pay for the implications they face from the local weather disaster. Azerbaijan is in search of a minimal of $1 billion from at the least 10 nations and large firms to capitalize the brand new fund. Will probably be headquartered in Baku, the capital of Azerbaijan, and its overseeing board might be made up of representatives from the contributors. It is going to function independently of present multilateral improvement banks because the World Financial institution and the Worldwide Financial Fund.

Bronwen Tucker mentioned, “Polluters should pay for his or her local weather crimes on the dimensions of trillions, not with a $1 billion voluntary fund that provides Large Oil choice making powers. Fossil gas pursuits have knowingly and systematically blocked, delayed and undermined crucial local weather options and shouldn’t have a seat on the desk.” 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, reminiscent of from investing in renewable vitality, might be plowed again into the fund so there might be no alternative for profit-taking by non-public sector buyers and governments. Bob Ward, a coverage director on the Grantham Analysis Institute on Local weather Change and the Atmosphere on the London College of Economics, warns, “The Local weather Finance Motion Fund may very well be thought to be local weather washing whether it is meant to alleviate the strain to part out oil, coal and gasoline.”

Simon Stiell, the UN local weather chief, who has been visiting his dwelling in Grenada the place the homes of kinfolk have been severely broken by Hurricane Beryl, referred to as on all nations to provide stronger plans to chop emissions, and to help the poor nations worst hit by the local weather disaster. “The importance of this [COP] course of is that it’s humanity’s greatest hope of fixing the local weather disaster, reaching decarbonization and constructing local weather resilience. This course of does ship outcomes, as now we have seen.”

Azerbaijan & COP 29

Actually, Simon? The endless 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 financial system that threatens us all. And to not put too high-quality some extent 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 comply with Dubai because the host nation for this yr’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 Publish, Shannon Osaka mentioned, “The issue with each nation’s promise to part out fossil fuels is that no person is admittedly planning for a fossil gas phaseout.” In different phrases, everyone seems to be paying lip service to the thought expressed by the delegates in Dubai, whereas speeding full pace forward to extract each molecule of coal, oil, or methane that also lies hidden beneath the Earth.