Daily Times

“Time is not on our side” COP 27 President (Egypt) had cautioned the delegations, pushing them to move beyond deadlocked talks and neverending theoretical discussions on the issue of a loss and damage fund for countries being ravaged by the impacts of global warming.

Today, when Azerbaijan, the country of this year’s climate summit, has announced an investment fund to the tune of $ 1 billion with an initial $500 million contribution, its plans to raise further capital are being criticised as a feel-good distraction. That the money has been raised from the state oil company and is in line with the country’s longstanding defence of its “god-given” oil and gas reserves does run in parallel to the widely agreed upon crucial need to transition away from fossil fuels.

Since the fossil industry has, undeniably, played the largest role in damaging nature beyond repair, a palpable hesitation to accept the “tainted” money does make some sense, especially if taken as yet another sign of an impending free pass for ignoring a full and fast phase-out. However, to close one’s eyes to the meta structures that have been running the global trade for far too long and wishing them away does not resonate well with the plight of the poor global south. For one, Azerbaijan offers a heartening case study in its move towards renewable energy and impressive plans for exploring wind and solar energy on top of overseeing a transmission to Eastern Europe.

It may not be in sync with the slogans of green warriors but, to some degree, does echo the longstanding demands to hold the fossil fuel industry accountable. In addition, the money collected for developing countries could help usher in a transformation in the fight for a livable climate. Going by the haunting monsoon season in India, alarm bells about Pakistan dashing towards unbearable rains and heavy flooding can be heard from afar.

This year again, a wave of exceptionally hot weather scorched parts of Asia and Africa in ways that victim countries could not anticipate or plan out for. Azerbaijan’s efforts to earmark these contributions to help keep the 1.50C temperature target within reach might reduce the impact of future shocks. *