Why in the News?

Azerbaijan, the host of this year's climate conference, has decided to launch a new fund as countries are still negotiating the amount of finance developed nations should mobilize to combat climate change. The fund will be aimed at financing climate action in developing nations.

About COP

• The COP is the decision-making body of the UN Framework Convention on Climate Change (UNFCCC).
• All States that are party to the Convention are represented at the COP.
• They review the implementation of any legal instrument that the Convention adopts.

About UNFCCC

• It was signed in 1992 at the United Nations Conference on Environment and Development also known as the Earth Summit, the Rio Summit or the Rio Conference.
• The UNFCCC came into force on March 21, 1994.
• The original secretariat was in Geneva.
• Since 1996, the secretariat has been relocated in Bonn, Germany.

About Azerbaijan

• Capital: Baku
• Currency: Azerbaijani Manat (AZN)
• President: Ilham Aliyev (since 2003)
• Prime Minister: Ali Asadov (since 2019)
• Political System
  • Unitary semi-presidential republic (The constitution provides for a unicameral legislature)
  • The President holds significant power as the head of state.
  • The Prime Minister is the head of government but with limited executive authority compared to the President.
• Economy
  • Key Sectors: Oil and gas dominate Azerbaijan's economy, contributing significantly to GDP and exports.
  • Other Industries: Agriculture (cotton, fruits, and vegetables), chemicals, and tourism.
• Geography
• It is located at the crossroads of Eastern Europe and Western Asia.
• Bordered by the Caspian Sea to the east, Russia to the north, Georgia to the northwest, Armenia to the west, and Iran to the south.

Map of Azerbaijan (to scale)