Azerbaijan, hosting COP29, urged nations to bridge differences and finalise a financial deal to help poorer countries combat climate change. As the summit nears its end, divisions remain over funding commitments and the role of the US.
Azerbaijan, host of the COP29 climate summit, urged participating countries on Friday to resolve their differences and reach a financial agreement as the two-week conference neared its conclusion.
Governments gathered in the Caspian Sea city of Baku are working towards a comprehensive deal that would see wealthy nations pledge to provide billions of dollars annually to assist poorer countries in addressing the escalating effects of climate change. Economists suggest that developing nations need at least $1 trillion each year by the end of the decade, but wealthier countries have yet to agree. The talks have also been complicated by uncertainty over the role of the United States, the world's largest historical greenhouse gas emitter, ahead of climate sceptic President-elect Donald Trump's return to the White House.
"We encourage parties to continue to collaborate within and across groups with the aim of proposing bridging proposals that will help us to finalise our work here in Baku," said the COP29 presidency in a note to delegates on Friday morning. It added that a new draft deal would be released at midday in Baku, with hopes for a resolution by the end of the day.
Past COPs have typically run over time, and divisions within the negotiations have already become evident. A new draft deal released on Thursday presented two vastly different options, neither of which satisfied all parties. While the 10-page document was shortened to less than half the size of previous drafts, it still left key questions unresolved, such as the total amount of funding countries should commit to each year, with that space marked simply with an "X." It also highlighted divisions over whether funds should be given as grants or loans, and the extent to which different forms of non-public finance should count towards the final annual target.
"I hope they find the sweet spot with this next iteration," said Li Shuo, director of the China Climate Hub at the Asia Society, a long-time observer of COP summits. "Anything other than that may require rescheduling flights."
UN Secretary-General Antonio Guterres returned to Baku from a G20 meeting in Brazil on Thursday, urging a major push for a deal and warning that "failure is not an option."
UK set to host 2035 Women’s World Cup as FIFA confirms sole bid. The joint bid from England, Scotland, Wales & NI stands uncontested, marking a major milestone for women’s football. Final approval pending, but preparations for a historic event are underway.
Severe storms across the southern and Midwestern US have caused "generational" flooding and tornadoes, leaving over 400,000 without power. With up to 15 inches of rain expected and more tornadoes, officials warn of catastrophic damage and life-threatening conditions.
During a high-level meeting, officials from Kyrgyzstan and Russia emphasized the growing economic partnership between the two nations, highlighting a 14.5% increase in mutual trade and reaffirming their commitment to further expansion.
Seven migrants, including a child, died when their boat sank off Lesbos. 23 survivors were rescued, but the search continues. Greece remains a crucial entry point for migrants, underscoring the perilous sea journey many undertake in search of safety and a new life.
The Hungarian government has decided to withdraw from the International Criminal Court (ICC), marking a significant shift in the country's international stance.
UK set to host 2035 Women’s World Cup as FIFA confirms sole bid. The joint bid from England, Scotland, Wales & NI stands uncontested, marking a major milestone for women’s football. Final approval pending, but preparations for a historic event are underway.
The first-ever summit between the European Union (EU) and the five Central Asian nations—Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan - began today in Samarkand, Uzbekistan.
Severe storms across the southern and Midwestern US have caused "generational" flooding and tornadoes, leaving over 400,000 without power. With up to 15 inches of rain expected and more tornadoes, officials warn of catastrophic damage and life-threatening conditions.
Eight OPEC+ countries meeting on Thursday will focus debates on how to convince Kazakhstan to stop exceeding its output quota and its plans to compensate for overproduction as the group steps up gradual production hikes.
During a high-level meeting, officials from Kyrgyzstan and Russia emphasized the growing economic partnership between the two nations, highlighting a 14.5% increase in mutual trade and reaffirming their commitment to further expansion.
Aid groups in Myanmar’s worst-hit areas urgently need shelter, food, and water after a devastating 7.7 magnitude earthquake killed over 2,700 people. Rescue efforts face challenges due to ongoing civil war, damaged infrastructure, and restricted aid access, with the toll expected to rise.
French far-right leader Marine Le Pen was banned from running for public office for five years after being convicted of embezzlement, ruling her out of the 2027 presidential race. She received a four-year prison sentence, with two years suspended, and a €100,000 fine. Le Pen plans to appeal.
Apple marked its 49th anniversary by reaching a market capitalization of $3.3 trillion. Despite recent tech stock volatility, Apple's shares surged 28% in 2024.
The Armenian armed forces attempted three reconnaissance drone flights over Azerbaijan Army positions near Gerenzur, but all were successfully intercepted. Meanwhile, Armenian units repeatedly fired on Azerbaijani positions from multiple regions, escalating tensions in the area.
Brazil has named automotive industry executive Dan Ioschpe as its official “climate champion” for the COP30 summit, to be held in Belém this November.
Belgium and Vietnam have signed agreements to collaborate on green hydrogen production during King Philippe’s historic visit to Hanoi.
The World Bank reported that air pollution leads to approximately 5.7 million deaths each year, with 95% of fatalities occurring in low- and middle-income nations. It also causes economic losses amounting to 5% of global GDP due to health impacts, productivity decline, and reduced life expectancy.
France, Italy, and Slovakia have urged the EU to simplify its carbon border levy rules this year, calling for reduced red tape and standardized emissions calculations to ease the burden on businesses.
The International Renewable Energy Agency (IRENA) officially confirmed that 2024 was a record year for renewables additions to global power capacity. Renewables represented more than 92 per cent of all new electricity generation capacity installed last year.
UK set to host 2035 Women’s World Cup as FIFA confirms sole bid. The joint bid from England, Scotland, Wales & NI stands uncontested, marking a major milestone for women’s football. Final approval pending, but preparations for a historic event are underway.
The first-ever summit between the European Union (EU) and the five Central Asian nations—Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan - began today in Samarkand, Uzbekistan.
Severe storms across the southern and Midwestern US have caused "generational" flooding and tornadoes, leaving over 400,000 without power. With up to 15 inches of rain expected and more tornadoes, officials warn of catastrophic damage and life-threatening conditions.
Eight OPEC+ countries meeting on Thursday will focus debates on how to convince Kazakhstan to stop exceeding its output quota and its plans to compensate for overproduction as the group steps up gradual production hikes.
During a high-level meeting, officials from Kyrgyzstan and Russia emphasized the growing economic partnership between the two nations, highlighting a 14.5% increase in mutual trade and reaffirming their commitment to further expansion.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment