Billion-dollar climate fund unveiled to help vulnerable nations

BAKU: Azerbaijan has announced a $1bn fund to invest in climate action projects in the developing world, to help vulnerable nations build resilience to climate change risks, including floods and droughts.

This was announced as a prelude to the UN Climate Change Conference (COP29) – being held in November this year – by COP29 President-Designate Mukhtar Babayev at a news conference on Friday.

The Climate Finance Action Fund (CFAF) will be capitalised with contributions from fossil...