Amid tense political disputes, COP29 in Baku grapples with raising $1 trillion in climate finance to support vulnerable nations. Argentina's delegation withdrawal and friction between developed and developing countries add pressure to reach a consensus on funding goals.
Countries at the COP29 summit have been trying to agree on how to raise up to $1 trillion in climate finance for the world's most vulnerable, as political tensions overshadowed the talks and Argentina on Thursday pulled its delegation from Baku.
The success of this year's United Nations climate summit hinges on whether countries can agree on a new finance target for richer countries, development lenders and the private sector to deliver each year. Developing countries need at least $1 trillion annually by the end of the decade to cope with climate change, economists told the U.N. talks.
Many countries have said that money is essential to their setting ambitious climate goals ahead of next year's COP30 in Brazil.
But reaching a deal could be tough at this year's summit, where the mood has been soured by public disagreements and pessimism about shifts in global politics.
Donald Trump's presidential election win has cast the United States' future role in climate talks into doubt, and tension between developed and developing nations has bubbled to the surface on the main stages and in negotiating rooms.
"Parties must remember that the clock is ticking," COP29 Lead Negotiator Yalchin Rafiyev told a news conference.
The previous annual finance goal of $100 billion expires this year. But wealthy countries only met the pledge in full starting in 2022.
Early Thursday, a report from the Independent High-Level Expert Group on Climate Finance said the target annual figure would need to rise to at least $1.3 trillion a year by 2035 if countries fail to act now.
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.
U.S. Treasury Secretary Bessent said on Sunday that he expects President Donald Trump and Chinese President Xi Jinping to speak soon in an effort to resolve a growing dispute over critical minerals.
As Germany considers providing long-range Taurus missiles to Ukraine, military experts warn the move could enable Kyiv to strike targets deep inside Russian territory, including Moscow — a shift that could escalate tensions and draw NATO closer to direct confrontation.
Ukraine has carried out one of its largest drone strikes of the war, reportedly hitting more than 40 Russian military aircraft at multiple air bases, a Ukrainian security official told Reuters on Sunday.
Ukrainian President Volodymyr Zelenskyy said on Sunday that Ukraine will attend a meeting in Istanbul on Monday, following a proposal from Russia.
Flash floods in central Nigeria have killed at least 151 people, with authorities warning the toll may rise further as search and rescue operations continue in the flood-ravaged town of Mokwa, Niger State.
On May 28, the inauguration ceremony of Lachin International Airport was held.
Taxi drivers across France are protesting government plans to cut payments for driving patients to medical appointments. These cuts are part of a broader effort by Prime Minister François Bayrou to save €40 billion in the 2026 budget and reduce the country’s large deficit.
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.
Brazil’s economy is expected to have regained momentum in the first quarter of 2025, driven by a surge in household spending and private investment, according to a Reuters poll of economists conducted from May 21–26.
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
U.S. Treasury Secretary Bessent said on Sunday that he expects President Donald Trump and Chinese President Xi Jinping to speak soon in an effort to resolve a growing dispute over critical minerals.
As Germany considers providing long-range Taurus missiles to Ukraine, military experts warn the move could enable Kyiv to strike targets deep inside Russian territory, including Moscow — a shift that could escalate tensions and draw NATO closer to direct confrontation.
Ukraine has carried out one of its largest drone strikes of the war, reportedly hitting more than 40 Russian military aircraft at multiple air bases, a Ukrainian security official told Reuters on Sunday.
Ukrainian President Volodymyr Zelenskyy said on Sunday that Ukraine will attend a meeting in Istanbul on Monday, following a proposal from Russia.
Flash floods in central Nigeria have killed at least 151 people, with authorities warning the toll may rise further as search and rescue operations continue in the flood-ravaged town of Mokwa, Niger State.
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