UN COP29

Current Context : Recently, Azerbaijan announces a climate finance action fund at COP29 to support green projects and help member nations reach the 1.5C target.

• Azerbaijan, which will host the 29th Conference of Parties to the United Nations Framework Convention on Climate Change summit in November.
• The fund is called the ‘Climate Finance Action Fund’.
• The Climate Finance Action Fund will take financial contributions from fossil-fuel-producing countries and companies and use the money to invest in projects in the developing world that reduce greenhouse gas emissions and help build resilience to the impacts of extreme weather.

ABOUT CONFERENCE OF THE PARTIES (COP)

• COP is the annual United Nations (UN) climate meeting.
• In 1992, at the Rio Earth Summit, 154 nations signed a multilateral treaty known as the United Nations Framework Convention on Climate Change (UNFCCC).
• It aimed to stabilise greenhouse gas concentrations at a stage that might prevent risky anthropogenic (human-prompted) interference with the climate gadget.