The incoming president of the COP29 UN climate summit in Azerbaijan told AFP on Friday that his country would keep increasing fossil fuel production "in parallel" with investments in cleaner alternatives. The UAE, which was accused of using its COP presidency to advance fossil fuel deals -- allegations it denies -- also defended scaling up oil and gas production capacity in response to demand. Taxing the richBehind closed doors at Bonn, the COP29 team has floated raising money from "innovative sources", including fossil fuel producers who may be asked to fund climate action in vulnerable nations. Some nations have proposed introducing levies on the fossil fuel industry and other heavily polluting sectors like aviation and shipping, while Brazil is building support for a global tax on billionaires. He dismissed concerns about adding another layer of complexity to climate negotiations famous for struggling to reach consensus among nearly 200 nations.

Source: Daily Nation June 08, 2024 04:51 UTC