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."
Brazil has named automotive industry executive Dan Ioschpe as its official “climate champion” for the COP30 summit, to be held in Belém this November.
Within hours of Trump’s “Liberation Day” speech, a chorus of global voices began responding — some cautiously, others furiously. While the U.S. president promised to rebalance what he called “decades of economic exploitation,” world capitals began drawing their own red lines.
Standing in the White House Rose Garden, President Donald Trump declared what he called “Liberation Day”, announcing a raft of tariffs on U.S. trading partners — the most expansive use of trade powers in modern American history.
Danish Prime Minister Mette Frederiksen has firmly pushed back against U.S. President Donald Trump’s renewed interest in acquiring Greenland, declaring that the Arctic island “belongs to the Greenlanders.”
U.S. President Donald Trump has imposed new tariffs on UK and EU imports, warning foreign “cheaters” as he promises to restore American jobs and economic dominance.
Brazil has named automotive industry executive Dan Ioschpe as its official “climate champion” for the COP30 summit, to be held in Belém this November.
Within hours of Trump’s “Liberation Day” speech, a chorus of global voices began responding — some cautiously, others furiously. While the U.S. president promised to rebalance what he called “decades of economic exploitation,” world capitals began drawing their own red lines.
Standing in the White House Rose Garden, President Donald Trump declared what he called “Liberation Day”, announcing a raft of tariffs on U.S. trading partners — the most expansive use of trade powers in modern American history.
Danish Prime Minister Mette Frederiksen has firmly pushed back against U.S. President Donald Trump’s renewed interest in acquiring Greenland, declaring that the Arctic island “belongs to the Greenlanders.”
U.S. President Donald Trump has imposed new tariffs on UK and EU imports, warning foreign “cheaters” as he promises to restore American jobs and economic dominance.
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.
Russian forces carried out a drone attack on Ukraine’s second-largest city, Kharkiv, late Wednesday, injuring at least twenty one people and causing structural damage, according to Ukrainian officials.
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.
Brazil has named automotive industry executive Dan Ioschpe as its official “climate champion” for the COP30 summit, to be held in Belém this November.
Within hours of Trump’s “Liberation Day” speech, a chorus of global voices began responding — some cautiously, others furiously. While the U.S. president promised to rebalance what he called “decades of economic exploitation,” world capitals began drawing their own red lines.
Standing in the White House Rose Garden, President Donald Trump declared what he called “Liberation Day”, announcing a raft of tariffs on U.S. trading partners — the most expansive use of trade powers in modern American history.
Danish Prime Minister Mette Frederiksen has firmly pushed back against U.S. President Donald Trump’s renewed interest in acquiring Greenland, declaring that the Arctic island “belongs to the Greenlanders.”
U.S. President Donald Trump has imposed new tariffs on UK and EU imports, warning foreign “cheaters” as he promises to restore American jobs and economic dominance.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment