The creation of the Climate Finance Action Fund is one of the initiatives, COP29 Lead Negotiator Yalchin Rafiyev told a press conference of COP29 Azerbaijan Presidency, Report informs.
“We propose climate grant funding. We are trying to raise $1 billion through this fund,” Rafiyev said.
He also emphasized that the COP29 Presidency has sent out roadmaps to all partners: “We thank all organizations that supported us in their development. I express my gratitude to the UN Secretary-General for his contribution to drafting the agenda.”
Rafiev also noted the importance of grant contributions for small island states:
“Their complaints relate to delays in receiving disaster relief. Therefore, we must create an alternative financial institution. Some 50% of the funds will go to climate action and green energy technologies, while 20% of investment proceeds will be directed to developing countries through the 2R2F mechanism. This fund will also support small and medium-sized renewable energy producers.”
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