The United Nations COP29 climate change conference in Baku seeks $1 trillion annually to help vulnerable nations tackle climate change, as political tensions and Argentina’s withdrawal overshadow talks.
At the COP29 climate summit in Baku, nations continue to focus on efforts to secure up to $1 trillion annually to support vulnerable countries in addressing climate change, amidst rising political tensions.
Argentina withdrew its delegation on Thursday, adding to the challenges overshadowing the talks. The outcome of this year’s summit is tied to achieving consensus on a new financial target for wealthier nations, development banks, and private investors to meet by the end of the decade. Economists estimate that developing nations require at least $1 trillion per year to tackle the climate crisis.
Countries have emphasized that financial commitments are key to setting ambitious climate targets ahead of next year’s COP30 in Brazil. However, disagreements and shifting global political dynamics have created a difficult negotiating environment. Donald Trump’s recent presidential election victory has raised uncertainties about the United States’ future role in climate finance, while tensions between developed and developing countries have surfaced during negotiations.
“The clock is ticking,” warned COP29 Lead Negotiator Yalchin Rafiyev at a press briefing. The previous $100 billion annual finance target, set to expire this year, was only fully met starting in 2022. A report from the Independent High-Level Expert Group on Climate Finance highlighted the urgency, suggesting the target should increase to at least $1.3 trillion per year by 2035 if immediate action isn’t taken.
Draft texts under discussion reveal significant differences in opinion among negotiators. Many Western countries remain hesitant to make large financial pledges, and with the potential withdrawal of the United States from future funding agreements, the pressure is mounting to identify alternative sources. Multilateral development banks, such as the World Bank, are undergoing reforms to enhance their lending capacity. The 10 largest banks plan to boost their climate financing by approximately 60%, aiming to reach $120 billion annually by 2030, including an additional $65 billion from private sector contributions.
In a local effort, Zakir Nuriyev, head of the Association of Banks of Azerbaijan, announced on Thursday that the country’s 22 banks would allocate nearly $1.2 billion for projects facilitating Azerbaijan’s transition to a low-carbon economy.
Russian President Vladimir Putin held more than three hours of talks with U.S. envoys Steve Witkoff and Jared Kushner in Moscow on efforts to end t...
South Korean President Lee Jae Myung has left for France for a four-day visit aimed at strengthening ties with Paris, including a summit with Frenc...
Iranian Parliament Speaker Mohammad Bagher Ghalibaf said on Sunday that the United States must recognise that the “rules of the game” i...
An eruption of Indonesia’s Mount Anak Krakatau has disrupted air travel, school activities and fishing operations, with hundreds of passengers stranded at Jakarta’s main airport on Sunday.
U.S. negotiators Steve Witkoff and Jared Kushner will visit Russia then Ukraine over the weekend, Russian state news agency TASS has reported, citing an unnamed source. Ukrainian President Volodymyr Zelenskyy has also said American envoys will visit the capitals of both countries.
U.S. negotiators Steve Witkoff and Jared Kushner have arrived in Moscow for peace talks on the Russia-Ukraine conflict, two people familiar with the matter said. They were met by Russian Presidential Envoy Kirill Dmitriev.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf said on Sunday that the United States must recognise that the “rules of the game” in its war against Iran had changed “before it is too late”, a day after Washington struck several Iranian tankers in the Gulf.
Russian President Vladimir Putin held more than three hours of talks with U.S. envoys Steve Witkoff and Jared Kushner in Moscow on efforts to end the Ukraine war.
Vast flocks of storks passed through Türkiye and the Bosporus this week as part of their annual autumn migration from European breeding grounds toward Africa and the Middle East.
China's coastal areas and southern regions are preparing for days of intense precipitation, with tens of thousands of people evacuated as Typhoon Narra tracks inland and another storm churns toward the country's eastern seaboard.
A wildfire in Croatia driven by strong winds descended on the tourist town of Omis overnight, engulfing houses, forcing about 1,000 people to evacuate to safety and injuring dozens, fire brigade and health officials said on Friday.
Rhossi, a rare Kemp’s ridley sea turtle that washed up near death on a Welsh beach in 2023, has returned to Texas after more than two years of rehabilitation in the UK.
Glacier coverage in Kyrgyzstan’s Issyk-Kul Basin has shrunk by 33.7 per cent over the past 70–90 years, according to an updated glacier inventory by Kyrgyzhydromet. The agency says the pace of glacier retreat has accelerated sharply in recent years.
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