A gas pipeline explodes by a highway in Azerbaijan in 2016. The country is rich in oil and gas resources.
Azerbaijan's New Climate Fund, Easy on Fossil Fuel Producers, Denounced as 'Smoke Screen'
The country's new climate finance fund—an initiative watered down by fossil fuel producers—draws criticism as the oil-producing country prepares to host the U.N. climate summit in November.
Climate campaigners on Thursday dismissed Azerbaijan's plan for a $500 million climate investment fund, arguing that it was a small, poorly designed initiative meant to distract from the nation's oil production.
The criticism came following news that Azerbaijan, which is seeking to bolster its green credentials as it prepares to host the United Nations Climate Change Conference (COP29) in November, plans to raise at least $500 million of financing for clean energy investments in the Global South. The money would come from fossil fuel producers, including the state-owned Azerbaijani company SOCAR.
Azerbaijani officials considered introducing a levy on fossil fuel producers to raise money for the fund but, after facing opposition from oil-producing Gulf countries, opted for a voluntary, public-private investment model, an anonymous source told Reuters.
350.org called Azerbaijan's plan a "commercial" venture and said "we must distinguish profit-driven investments from genuine efforts," in a statement.
"The role of a COP presidency is to drive forward highly concessional climate finance, not profit from it," said Andreas Sieber, associate director of policy and campaigns. "We demand accountability through tax levies, not token charity, in this climate emergency. Those responsible for the climate crisis must pay for what they have created."
🧵1/4
BREAKING: @COP29_AZ plans a $500mn fund with the money of #fossilfuel industry to fund the energy transition - sounds good at first, but its a charade to distract us from the #fossil industrys deadly unwillingness to transition. Lets unpack:https://t.co/R1A6gP0x1S
— Andreas Sieber (@ClimateAndreas) July 11, 2024
Azerbaijan's new fund marks the second year in a row that an oil-producing nation has sought to deflect criticism by announcing a climate finance venture ahead of the U.N. summit.
The United Arab Emirates (UAE), which hosted COP28 last year, announced a far larger climate investment fund, with a $30 billion initial investment and a goal of raising $250 billion. Forbes reported after COP28 that "the reality is the fund is an investment tool with a primary purpose of profits for the investors."
Like the UAE last year, Azerbaijan faces questions as its commitment to climate action.
"Several diplomats and negotiators have privately expressed concerns that Azerbaijan, which relies heavily on oil and gas revenues, is fundamentally reluctant to address the question of how to shift away from fossil fuels," The Financial Times reported.
In January, Azerbaijan appointed a 20-year oil and gas veteran to lead COP29 talks, drawing criticism from environmental groups. A Global Witness report revealed that the country plans not to phase out fossil fuel use, per an international agreement made at COP28, but to raise gas production by one-third in the next decade.
We are at a crossroads
This country and this world are at a monumental crossroads. In a few short weeks, US voters will have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
Climate campaigners on Thursday dismissed Azerbaijan's plan for a $500 million climate investment fund, arguing that it was a small, poorly designed initiative meant to distract from the nation's oil production.
The criticism came following news that Azerbaijan, which is seeking to bolster its green credentials as it prepares to host the United Nations Climate Change Conference (COP29) in November, plans to raise at least $500 million of financing for clean energy investments in the Global South. The money would come from fossil fuel producers, including the state-owned Azerbaijani company SOCAR.
Azerbaijani officials considered introducing a levy on fossil fuel producers to raise money for the fund but, after facing opposition from oil-producing Gulf countries, opted for a voluntary, public-private investment model, an anonymous source told Reuters.
350.org called Azerbaijan's plan a "commercial" venture and said "we must distinguish profit-driven investments from genuine efforts," in a statement.
"The role of a COP presidency is to drive forward highly concessional climate finance, not profit from it," said Andreas Sieber, associate director of policy and campaigns. "We demand accountability through tax levies, not token charity, in this climate emergency. Those responsible for the climate crisis must pay for what they have created."
🧵1/4
BREAKING: @COP29_AZ plans a $500mn fund with the money of #fossilfuel industry to fund the energy transition - sounds good at first, but its a charade to distract us from the #fossil industrys deadly unwillingness to transition. Lets unpack:https://t.co/R1A6gP0x1S
— Andreas Sieber (@ClimateAndreas) July 11, 2024
Azerbaijan's new fund marks the second year in a row that an oil-producing nation has sought to deflect criticism by announcing a climate finance venture ahead of the U.N. summit.
The United Arab Emirates (UAE), which hosted COP28 last year, announced a far larger climate investment fund, with a $30 billion initial investment and a goal of raising $250 billion. Forbes reported after COP28 that "the reality is the fund is an investment tool with a primary purpose of profits for the investors."
Like the UAE last year, Azerbaijan faces questions as its commitment to climate action.
"Several diplomats and negotiators have privately expressed concerns that Azerbaijan, which relies heavily on oil and gas revenues, is fundamentally reluctant to address the question of how to shift away from fossil fuels," The Financial Times reported.
In January, Azerbaijan appointed a 20-year oil and gas veteran to lead COP29 talks, drawing criticism from environmental groups. A Global Witness report revealed that the country plans not to phase out fossil fuel use, per an international agreement made at COP28, but to raise gas production by one-third in the next decade.
- 'Outrageous': Azerbaijan Picks Former Oil Exec to Head COP29 ›
- In 'Sick Joke', COP29 Host Azerbaijan to Raise Gas Production by a Third ›
- Opinion | Stand Up for Human Rights in Azerbaijan, at COP29 and Beyond | Common Dreams ›
- COP29 Host's State Oil Company 'Aggressively' Ramping Up Fossil Fuel Production: Report | Common Dreams ›
Climate campaigners on Thursday dismissed Azerbaijan's plan for a $500 million climate investment fund, arguing that it was a small, poorly designed initiative meant to distract from the nation's oil production.
The criticism came following news that Azerbaijan, which is seeking to bolster its green credentials as it prepares to host the United Nations Climate Change Conference (COP29) in November, plans to raise at least $500 million of financing for clean energy investments in the Global South. The money would come from fossil fuel producers, including the state-owned Azerbaijani company SOCAR.
Azerbaijani officials considered introducing a levy on fossil fuel producers to raise money for the fund but, after facing opposition from oil-producing Gulf countries, opted for a voluntary, public-private investment model, an anonymous source told Reuters.
350.org called Azerbaijan's plan a "commercial" venture and said "we must distinguish profit-driven investments from genuine efforts," in a statement.
"The role of a COP presidency is to drive forward highly concessional climate finance, not profit from it," said Andreas Sieber, associate director of policy and campaigns. "We demand accountability through tax levies, not token charity, in this climate emergency. Those responsible for the climate crisis must pay for what they have created."
🧵1/4
BREAKING: @COP29_AZ plans a $500mn fund with the money of #fossilfuel industry to fund the energy transition - sounds good at first, but its a charade to distract us from the #fossil industrys deadly unwillingness to transition. Lets unpack:https://t.co/R1A6gP0x1S
— Andreas Sieber (@ClimateAndreas) July 11, 2024
Azerbaijan's new fund marks the second year in a row that an oil-producing nation has sought to deflect criticism by announcing a climate finance venture ahead of the U.N. summit.
The United Arab Emirates (UAE), which hosted COP28 last year, announced a far larger climate investment fund, with a $30 billion initial investment and a goal of raising $250 billion. Forbes reported after COP28 that "the reality is the fund is an investment tool with a primary purpose of profits for the investors."
Like the UAE last year, Azerbaijan faces questions as its commitment to climate action.
"Several diplomats and negotiators have privately expressed concerns that Azerbaijan, which relies heavily on oil and gas revenues, is fundamentally reluctant to address the question of how to shift away from fossil fuels," The Financial Times reported.
In January, Azerbaijan appointed a 20-year oil and gas veteran to lead COP29 talks, drawing criticism from environmental groups. A Global Witness report revealed that the country plans not to phase out fossil fuel use, per an international agreement made at COP28, but to raise gas production by one-third in the next decade.
- 'Outrageous': Azerbaijan Picks Former Oil Exec to Head COP29 ›
- In 'Sick Joke', COP29 Host Azerbaijan to Raise Gas Production by a Third ›
- Opinion | Stand Up for Human Rights in Azerbaijan, at COP29 and Beyond | Common Dreams ›
- COP29 Host's State Oil Company 'Aggressively' Ramping Up Fossil Fuel Production: Report | Common Dreams ›