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illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:
🗞️ Driving the news: Azerbaijan plans to launch a "climate investment fund for future" with an initial $500 million contribution from its state oil company Socar, aiming to raise further capital from other fossil fuel producers ahead of the COP29 summit it will host in November
🔭 The context: This initiative follows Azerbaijan President Ilham Aliyev's defense of the nation's "god-given" oil and gas reserves, despite global calls for transitioning away from fossil fuels
• The fund will seek contributions from countries and companies that produce and use fossil fuels
🌍 Why it matters for the planet: The fund aims to provide a mechanism for fossil fuel companies to contribute to climate finance, potentially supporting projects that mitigate climate impacts, especially in developing countries most affected by extreme weather events
⏭️ What's next: Officials are discussing whether to allocate 50% of the fund's capital to developing countries. The plan's success depends on attracting further investments and navigating international climate finance negotiations
💬 One quote: "We will be enquiring of all countries that produce and use fossil fuels to be part of the initiative," a senior COP29 official stated
📈 One stat: The UAE announced a $30 billion fund at COP28, aiming to mobilize $250 billion in private sector investment by 2030
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