COP29 Host Azerbaijan Working on Proposal to Levy Fossil Fuels

Azerbaijan, which will host this year’s United Nations climate summit, is working on a proposal to place a levy on oil, gas and coal production in order to fund climate action in developing countries.

Azeri officials leading preparations for November’s COP29 gathering will talk about the initiative at a UN meeting next week, according to people familiar with the matter who asked not be named discussing confidential information. They’re unlikely to list countries in support of the levy at this early stage, they said.