Azerbaijan launches Climate Finance Action Fund in Package of Initiatives for UN Climate Change Conference COP29.
About CFAF
- Headquarter: Baku, Azerbaijan.
- Fund will support climate projects in developing countries, meeting next generation of Nationally Determined Contributions (NDCs) to keep 1.50C within reach, and addressing the consequences of natural disasters.
- CFAF will be capitalised with contributions from fossil fuel producing countries and companies across oil, gas and coal.
- CFAF will become operational at the conclusion of the initial fundraising round ($1 billion), and when 10 contributing countries will commit as shareholders.