EU finance ministers have committed to maintaining their share of the $100 billion global climate fund and are calling for increased contributions from other nations
As COP29 approaches in Baku, Azerbaijan, the European Union reaffirmed its commitment to funding climate action in developing nations. EU finance ministers vowed to uphold their share of the $100 billion climate fund and push for more contributions.
Ministers expressed concern over the worsening climate crisis, with 2023 recorded as the hottest year ever, seeing global temperatures 1.45°C above pre-industrial levels, along with record-breaking ocean heat, rising sea levels, and shrinking glaciers.
As part of the Paris Agreement, developed nations—including EU countries, Australia, Canada, Japan, the US, and others—had pledged to raise annual climate finance to $100 billion by 2020. They only met this target in 2022, two years after the deadline, reaching $116 billion, with the EU contributing a significant share.
However, the focus now shifts to the post-2025 climate finance framework, known as the 'new collective quantified goal on climate finance.' This is expected to be a major topic of discussion at COP29, with some nations, including the EU, pushing for broader financial contributions, particularly from major economies like China.
Environmental groups, such as Greenpeace, criticized European governments for not holding the fossil fuel industry accountable for its role in the climate crisis. Greenpeace also highlighted that developing countries require approximately $1 trillion annually in financial assistance to cope with climate change impacts. The group urged EU negotiators to advocate for higher climate finance and tax major polluters at the Baku summit.
The EU’s final position for COP29 will be determined at a meeting on 14 October.
Azerbaijan is calling for closer regional cooperation with Central Asian neighbors to confront the escalating climate crisis in the Caspian Sea, said Mukhtar Babayev, Azerbaijan’s presidential climate envoy and COP29 President, in an interview with The Times of Central Asia.
Azerbaijan is advancing its global climate leadership with an ambitious new initiative to expand climate financing to $1.3 trillion, in collaboration with Brazil, following the landmark COP29 summit held in Baku.
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.
Moscow’s ambassador in Israel has advised Russian nationals to leave the country as tensions escalate between Israel and Iran, citing security risks and a potential evacuation plan.
Thousands of tourists in Israel find themselves stranded as the escalating conflict between Israel and Iran has forced flight cancellations and city lockdowns, turning short vacations into uncertain, prolonged stays.
Jaguar Land Rover (JLR) has warned that its profits will take a hit due to new U.S. tariffs imposed by President Donald Trump, after the company paused shipments to the American market in response to new 25% import tax hikes.
The Embassy of Azerbaijan in the Islamic Republic of Iran, the Consulate General in Tabriz, as well as the Embassy in the State of Israel, continue to process calls received via hotlines from Azerbaijani citizens in Iran.
Israel’s military on Monday reported a missile attack launched from Yemen, intensifying already heightened regional tensions following a dramatic escalation in hostilities between Israel and Iran.
Pakistan will begin its first freight train service to Russia from Lahore on June 22. The route is part of the INSTC and aims to connect Pakistan's rail network with Central Asia, establishing a new trade corridor via Iran, Turkmenistan, and Kazakhstan.
Israeli strikes have reportedly targeted areas near the residences of Iran’s Supreme Leader Ayatollah Ali Khamenei and President Masoud Pezeshkian, according to the New York Times, citing local witnesses.
Peace is no longer a dream. It is a discussion. On the streets of Baku and Yerevan, it is also a question, of trust, of foreign interests, and of who truly wants it.
The Israeli military has issued an evacuation advisory for Iranian civilians living near weapons production sites and associated infrastructure within Iran. The message was shared on the social media platform X in both Arabic and Farsi by an official military spokesperson.
An Air India flight with 242 passengers on board crashed in Meghaninagar, close to Ahmedabad airport in Gujarat, on Thursday afternoon.
UK Chancellor of the Exchequer, the Rt Hon Rachel Reeves, has announced a record £2.5 billion in additional funding this week to advance the development of the world’s first fusion power plant.
A historic May heat wave pushed Greenland’s ice melt to 17 times its average rate and sent Iceland’s temperatures soaring to record-breaking highs, raising urgent alarms about Arctic climate vulnerability.
Climate change could slash over 5% from Italy’s GDP by 2050 if no action is taken, according to the national budget watchdog, highlighting the urgent need for global emissions cuts.
At least seven people have died and several schoolchildren are missing after heavy rain and snow triggered flooding in South Africa’s Eastern Cape and southern regions, officials said Tuesday.
A new study warns that the emperor penguin population in Antarctica is shrinking faster than expected, with numbers falling by 22% over 15 years due to climate change and unstable sea ice.
Moscow’s ambassador in Israel has advised Russian nationals to leave the country as tensions escalate between Israel and Iran, citing security risks and a potential evacuation plan.
Thousands of tourists in Israel find themselves stranded as the escalating conflict between Israel and Iran has forced flight cancellations and city lockdowns, turning short vacations into uncertain, prolonged stays.
Jaguar Land Rover (JLR) has warned that its profits will take a hit due to new U.S. tariffs imposed by President Donald Trump, after the company paused shipments to the American market in response to new 25% import tax hikes.
The Embassy of Azerbaijan in the Islamic Republic of Iran, the Consulate General in Tabriz, as well as the Embassy in the State of Israel, continue to process calls received via hotlines from Azerbaijani citizens in Iran.
Israel’s military on Monday reported a missile attack launched from Yemen, intensifying already heightened regional tensions following a dramatic escalation in hostilities between Israel and Iran.
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