Europeans aim to coordinate first sanctions against Russia with Trump administration
The European Union’s chief sanctions envoy visited Washington on Monday with a team of experts to discuss what could become the first joint transatl...
The latest draft text on the new climate finance goal, unveiled at COP29 in Baku, has sparked cautious optimism that developed and developing nations are on the verge of a historic agreement. The negotiated text, now streamlined to just 10 pages, represents a significant step forward in reconciling the interests and priorities of both sides.
Sources close to the negotiations indicate that while the text is not yet perfect and will require further consultations, the world may soon witness the landmark “Baku Breakthrough.”
Key Elements of the Draft
The draft text emphasizes the principle of common but differentiated responsibilities and respective capabilities, recognizing the varied national circumstances of participating countries. It also underscores the importance of respecting sovereignty as nations work collaboratively to tackle the global climate crisis.
Central to the draft is a commitment to ensuring that climate finance flows from developed to developing nations. The proposed goal emphasizes that such finance must be affordable, predictable, and non-debt-inducing. Furthermore, it calls for grants or grant-equivalent terms to ensure adequacy and equity in addressing the climate challenges faced by developing nations.
A Narrowing Window of Opportunity
Amid growing concerns over geopolitical shifts, particularly the potential return of Donald Trump to the U.S. presidency, the urgency of finalizing the New Collective Quantified Goal (NCQG) has intensified. European countries, in particular, are rallying behind the need for swift action, recognizing that any delays could close the narrow window of opportunity for consensus.
While the journey is far from over, the spirit of cooperation and compromise evident in the draft text signals hope. The outcome of COP29 in Baku could mark a defining moment in global climate diplomacy, solidifying the city’s place in history as the birthplace of a breakthrough in climate finance negotiations.
As the world waits, all eyes are on Baku to see if this ambitious effort will indeed usher in a new era of collective climate action.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
Pakistan’s eastern towns of Chiniot and Hafizabad are at risk of devastating floods if an irrigation barrage on a major upstream river collapses after torrential rains pushed it beyond capacity, officials warned on Thursday.
Egypt, the United Arab Emirates (UAE), and Bahrain have signed an agreement with China to jointly develop a $220 million solar energy project.
A deadly landslide triggered by heavy rain struck a major Hindu pilgrimage route in Jammu, killing at least 30 people and disrupting communication across the region.
Wind farm developer Orsted's plan to raise much-needed capital is at risk following a U.S. order to halt construction of a near-complete project, and the Danish group's share price could come under pressure on Monday, analysts said.
Brazil’s government has ruled out subsidising hotel costs for delegates attending the COP30 climate summit in Belém this November, despite growing concerns over soaring accommodation prices.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment