Climate Finance Action Fund (CFAF) by Azerbaijan: A Step Towards 1.5°C Target
| Category | Details |
|---|---|
| Event | COP29 hosted by Azerbaijan from November 11 to 22, 2024 |
| Initiative | Creation of the Climate Finance Action Fund (CFAF) |
| Objective | Support green projects in developing countries and help meet the 1.5°C temperature target |
| Funding Source | Contributions from fossil fuel producers |
| Funding Target | $1 billion, with at least 10 contributing countries |
| Founding Contributor | Azerbaijan |
| Allocation | 50% for climate projects (clean energy, climate resilience), 50% for NDCs |
| Rapid Response Facility | 20% of revenues for disaster relief through the Rapid Response Funding Facility (2R2F) |
| Governance | Headquartered in Baku, independent audit committee, quarterly reports, international experts |
| Criticisms | Lack of industry accountability, insufficient financial support for developing countries |
| Similar Initiatives | Global Environment Facility (GEF), Green Climate Fund (GCF), Special Climate Change Fund (SCCF), Adaptation Fund (AF), UAE's ALTÉRRA fund |