Azerbaijan has important initiatives for the energy transition process, the country's Economy Minister Mikayil Jabbarov said at the Baku Climate Action Week, Report informs .

"One of the 14 main initiatives on the agenda of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) is the creation of the Climate Finance Action Fund (CFAF). We believe that this fund can play an important role in addressing the existing gaps in climate finance. The fund's capital is expected to be provided mainly by countries producing fossil fuels, as well as companies engaged in oil, gas and coal production," he noted.

"The main goal of the fund is to invest in climate action in developing countries, as well as small island states, while increasing the contributions of countries with fossil fuel reserves and enterprises operating in this sector to the green transition. Azerbaijan believes that countries rich in natural resources should lead the fight against climate change, and this initiative can bring significant benefits when addressing gaps in climate finance. It is planned to initially raise $1 billion in capital for the fund to start operations and have at least 10 donor countries join the fund, which we believe will be one of the main topics of discussion within the framework of COP29," the minister added.