COP29 Host Azerbaijan Shelves Fossil Fuel Tax for Voluntary Fund.

Azerbaijan, the host of this year's United Nations climate summit, has decided to abandon plans for a fossil fuel tax and instead create a voluntary fund with a minimum of $1 billion for climate change mitigation projects in developing countries. The proposed Climate Finance Action Fund will rely on voluntary contributions from oil-producing countries and the industry. Once 10 countries pledge a combined $1 billion, the fund will become operational, with revenue from individual projects being reinvested. The money will be used to support renewable energy projects, address the impacts of climate change, and assist in the aftermath of natural disasters. [Extracted from the article]