COP29 in Azerbaijan set key rules for carbon credit trading, boosting the global carbon market. Early adopters like Japan, Singapore, and South Korea aim to meet climate goals, while ASEAN explores a regional approach for emissions reduction and economic growth.
The 29th UN Climate Conference in Azerbaijan marked a major step forward for the global carbon market by establishing clear rules for carbon credit trading and emissions reduction projects. These guidelines aim to boost international cooperation and climate finance.
Japan and Singapore have already launched initiatives, while South Korea plans to meet part of its 2030 climate targets through international mitigation efforts. ASEAN is also exploring a regional carbon market, promising substantial emissions reductions and economic benefits.
The COP29 framework provides the foundation for expanding climate finance and fostering private sector investment, driving progress toward global climate goals.
Azerbaijan’s leadership as COP29 President was praised during high-level meetings in Mexico, where the two countries discussed climate diplomacy and the expansion of bilateral ties.
A delegation led by Yalchin Rafiyev, Deputy Minister of Foreign Affairs of the Republic of Azerbaijan and Chief Negotiator of COP29, participated in Climate Week in Panama, held from May 19–21, 2025, in Panama City.
With a global outlook and local context, Baku Climate Action Week (BCAW) will convene key stakeholders—from policy and finance to science, culture, and civil society—to help lay the foundations for a successful COP30. This will be the second time Azerbaijan has hosted BCAW.
Azerbaijan's Foreign Ministry has established the Climate Diplomacy Department to strengthen Baku's diplomatic role in the Baku-Belém Roadmap, aiming to foster international cooperation for a significant increase of financial resources to support developing countries.
At the Antalya Diplomacy Forum, COP29 President Mukhtar Babayev highlighted Azerbaijan’s climate leadership, unveiling the Baku to Belem Roadmap. The initiative aims to scale climate finance to $1.3 trillion by 2035, with global cooperation to support developing nations.
President Donald Trump announced that he will increase steel tariffs from 25% to 50%, a move that could push up costs for industries relying on steel, including housing and auto manufacturing.
U.S. stocks wrapped up the week with a mixed finish after President Donald Trump accused China of breaking a recent trade agreement, reigniting global market jitters just weeks after a deal was struck in Geneva.
Canada is facing a growing wildfire crisis, with 175 active blazes across the country—95 of them uncontained—prompting evacuations, military support, and state of emergency declarations.
The US has urged Australia to boost its defense spending as Australian Defense Minister Richard Marles confirmed that nuclear submarine development is progressing well.
On Friday, Türkiye’s Foreign Minister Hakan Fidan and UK Foreign Secretary David Lammy held a phone call to discuss efforts to end the ongoing war between Russia and Ukraine, according to diplomatic sources.
AnewZ takes to the streets of Yerevan and Baku to ask a simple yet deeply complex question: How do you see peace between Armenia and Azerbaijan? In the first part of our special report, we hear the hopes, doubts, and scars still shaping people’s perspectives on both sides.
On May 28, the inauguration ceremony of Lachin International Airport was held.
A car drove into crowds of Liverpool fans celebrating the club’s Premier League title in the city centre on Monday evening, injuring dozens including 4 children. A 53-year-old man believed to be the driver was arrested at the scene.
EU ministers have greenlit a massive €150 billion defense investment fund—dubbed the Security Action for Europe (SAFE)—as the bloc ramps up its military readiness in response to Russia’s aggression and growing uncertainty over U.S. security guarantees.
Kyiv faced a large-scale Russian drone and missile assault overnight, with explosions and gunfire echoing throughout the city, forcing residents to shelter in subway stations.
A massive landslide in southern Switzerland this week buried the village of Blatten and blocked a river, creating a growing risk of flooding. Millions of cubic meters of ice, mud, and rock crashed down from a mountain on Wednesday, flooding the few buildings left in the village.
The Green Climate Fund (GCF)-backed project, “Strengthening Climate Resilience of Vulnerable Agricultural Livelihoods in Southern Iraq” (SRVALI), was officially launched on the sidelines of the 5th Baghdad International Water Conference.
A staggering 4 billion people—half of the world’s population—experienced at least 30 additional days of extreme heat over the past year due to human-induced climate change, a new international study revealed Friday.
The next five years are likely to be the warmest in recorded history, according to the World Meteorological Organization (WMO), as rising global temperatures push the planet closer to surpassing key climate thresholds with wide-ranging consequences.
A seabird chick found with 778 plastic pieces inside its body on a remote island between Australia and New Zealand has become a powerful symbol of the global plastic pollution crisis. Scientists say the plastic has caused chronic illness and cognitive decline in the bird, raising urgent concerns abo
President Donald Trump announced that he will increase steel tariffs from 25% to 50%, a move that could push up costs for industries relying on steel, including housing and auto manufacturing.
U.S. stocks wrapped up the week with a mixed finish after President Donald Trump accused China of breaking a recent trade agreement, reigniting global market jitters just weeks after a deal was struck in Geneva.
Canada is facing a growing wildfire crisis, with 175 active blazes across the country—95 of them uncontained—prompting evacuations, military support, and state of emergency declarations.
The US has urged Australia to boost its defense spending as Australian Defense Minister Richard Marles confirmed that nuclear submarine development is progressing well.
On Friday, Türkiye’s Foreign Minister Hakan Fidan and UK Foreign Secretary David Lammy held a phone call to discuss efforts to end the ongoing war between Russia and Ukraine, according to diplomatic sources.
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