In precisely one month, Baku will host the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), a prestigious event that will gather stakeholders committed to addressing climate change. Delegates and representatives from various sectors are expected to converge in Azerbaijan to engage in discussions and make critical decisions aimed at tackling this global challenge. An estimated 70,000 to 80,000 attendees are anticipated.

During COP events, governments frequently announce a variety of initiatives designed to address climate change and demonstrate their commitment to sustainability. These initiatives encompass a wide range of areas, reflecting the multifaceted nature of the climate crisis.

The COP29 Presidency has proposed 14 key initiatives to combat climate change. These initiatives not only emphasize the importance of collaboration but also underscore the necessity of integrating diverse sectors to foster a sustainable future. Below, we outline these initiatives for further consideration.

1. Climate Finance Action Fund (CFAF) - One of the key initiatives on the COP29 agenda is the establishment of a Climate Finance Action Fund. The primary expectation for the fund is related to closing the existing gaps in climate finance.
It should be noted that the Fund is established through the voluntary donations of countries and companies that produce fossil fuels. The Fund aims to stimulate both the public and private sectors in reducing the impact of climate change, adaptation, and research and development, while providing highly favorable conditions and grants for financing.

On July 19 of this year, Azerbaijan announced the creation of the Climate Finance Action Fund (IMFF) to invest in climate action in developing countries. The IMFF aims to be a catalyst for public-private partnerships, mobilizing the private sector and reducing investment risks. Additionally, the fund will have special technical capacity to provide concessional and grant-based support to rapidly address the consequences of natural disasters in developing countries in need of assistance.

It should be emphasized that the Fund will begin operating after collecting initial funds of 1 billion US dollars and securing commitments from 10 shareholder countries to join as donors.

Notably, 50 percent of the Fund's capital........

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