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July 11, 2024

Fossil Fuel Companies Must Be Held Accountable: New Climate Fund Highlights Hypocrisy

Azerbaijan, 11th July 2024  – In response to today’s announcement of a “climate investment fund for the future“,  by Azerbaijan  – who hold the Presidency for COP29, climate campaigning organization 350.org is raising serious concerns over the effectiveness and legitimacy of the fund. 

350.org demands urgent accountability measures to ensure fossil fuel companies pay their fair share for the energy transition and transition away from fossil fuels, instead of establishing ineffective initiatives that distract from the oil and gas industry’s continued irresponsible expansion plans. 

Andreas Sieber, Associate Director of Policy and Campaigns, 350.org

“Azerbaijan’s ‘climate investment fund for the future’ is a smoke screen, allowing fossil fuel giants to profit from climate finance instead of paying for the damage they have caused. The role of a COP presidency is to drive forward highly concessional climate finance, not profit from it.  We demand accountability through tax levies, not token charity, in this climate emergency. Those responsible for the climate crisis must pay for what they have created.”

The announcement of this fund comes at a critical time, as the world grapples with the escalating impacts of climate breakdown. However, the involvement of fossil fuel companies in climate finance with voluntary and very limited contributions raises serious concerns about the genuine commitment of these corporations to addressing the crisis.”

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Notes to Editors:

The Climate Investment fund is inadequate as it is; 

An insignificant contribution: The $500 million fund constitutes only 0.025% of last year’s $1.8 trillion clean energy investment in 2023. Furthermore, such funds only spend a fraction of their capital annually.

Commercial by nature: This is a commercial fund. To genuinely impact the energy transition, the fund needs to provide highly concessional finance and grants to countries with limited fiscal space and high costs of capital. We must distinguish profit-driven investments from genuine efforts.

A diversion tactic: Countries and national companies, like Azerbaijan’s SOCAR, that plan to expand fossil fuels, are using this fund to distract from their deadly reluctance to transition away from oil and gas.

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350.org is an international movement of ordinary people working to end the age of fossil fuels and build a world of community-centered renewable energy for all. We are calling for a deeper transition, one that places energy justice at the beating heart of its values. We are moving forward into the world we want to see, leaving no one behind. And we are doing this with the urgency the climate crisis demands of us.

Contacts

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Sarah Wilbore 
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Pascale Hunt
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