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.
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The United Nations Framework Convention on Climate Change (UNFCCC) has formally recognised Azerbaijan’s strong organisation and effective delivery of COP29, paving the way for deeper cooperation and the involvement of Azerbaijani specialists in future global climate initiatives.
On September 1, Azerbaijani President Ilham Aliyev met with Maldives President Mohamed Muizzu in Tianjin, China, to strengthen economic, trade, and tourism ties between the two nations.
The United Nation’s climate chief says a delay in choosing the host for next year’s COP31 summit is causing problems. It's after Australia and Türkiye submitted bids in 2022 to host the high-profile conference in 2026. Sydney said it's received the most votes.
The first side event of the Global South NGO Platform, initiated by Azerbaijan, was held in Bonn, Germany this week.
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Turkish President Recep Tayyip Erdoğan reiterated his offer to host Ukraine-Russia peace talks in Ankara, at his meeting with Russian President Vladimir Putin. The talks took place on the sidelines of the international Forum for Peace and Trust in Ashgabat, Turkmenistan, on Friday (12 December).
Iranian authorities have seized a foreign tanker carrying more than 6 million litres of smuggled fuel in the Sea of Oman, detaining all 18 crew members on board.
An explosive device found in a vehicle linked to one of the alleged attackers in Bondi shooting has been secured and removed according to Police. The incident left 12 people dead.
Russian forces struck Ukraine’s southern port city of Odesa for a second consecutive day on Saturday (13 December), deploying Kinzhal hypersonic missiles for the first time in the conflict, Ukrainian authorities said.
As the world marks the tenth anniversary of the Paris Agreement, progress in combating global climate change is mixed.
An extratropical cyclone has caused widespread disruption across Brazil’s São Paulo state, with powerful winds toppling trees and power lines, blocking streets and leaving large parts of the region without electricity.
Indonesia's military stepped up its relief efforts in three provinces on Sumatra island that have been devastated by deadly floods and landslides, and the country's vice president apologised for shortcomings in the response to last week's disaster.
Authorities in Senegal have launched urgent measures to prevent a potential oil spill after water entered the engine room of the Panamanian-flagged oil tanker Mersin off the coast of Dakar, the port authority said on Sunday.
The death toll from devastating floods across Southeast Asia climbed to at least 183 people on Friday (28 November). Authorities in Indonesia, Malaysia, Thailand and Sri Lanka struggle to rescue stranded residents, restore power and communications, and deliver aid to cut-off communities.
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