FT: Azerbaijan to establish a $500 million climate fund with SOCAR participation

The publication notes that the oil-rich state of Azerbaijan has taken its first significant step towards financing the fight against climate change ahead of the UN COP29 summit, which will be held in November. Azerbaijan plans to attract “at least” $500 million for “green” projects.

The creation of the fund is planned with the participation of SOCAR and will aim to attract additional capital from other fossil fuel producers.