Azerbaijan, as the host of the upcoming U.N. COP29 climate summit, has proposed the creation of a $1 billion climate fund aimed at supporting developing countries in achieving their climate targets. The fund, to be headquartered in Baku, will be financed by contributions from fossil-fuel producing nations and oil and gas companies. This initiative, led by COP29 President-Designate Mukhtar Babayev, emphasizes the importance of nations rich in natural resources taking a leading role in climate action. The fund will prioritize climate projects in developing countries, focusing on meeting the next generation of NDCs to limit warming to 1.5°C, and will include a Rapid Response Funding Facility to aid vulnerable nations in climate disasters. Azerbaijan aims for the fund to be a public-private partnership, mobilizing the private sector to support mitigation, adaptation, and research and development efforts.