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’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.
Azerbaijan's Foreign Ministry has established the Climate Diplomacy Department to strengthen Baku's diplomatic role in the Baku-Belém Roadmap, aiming to foster international cooperation for a significant increase of financial resources to support developing countries.
At the Antalya Diplomacy Forum, COP29 President Mukhtar Babayev highlighted Azerbaijan’s climate leadership, unveiling the Baku to Belem Roadmap. The initiative aims to scale climate finance to $1.3 trillion by 2035, with global cooperation to support developing nations.
Germany is stepping up its military readiness, aiming to fully equip its armed forces by 2029 amid rising concerns over future threats from Russia.
Trump called Putin “crazy” after Russia’s record-breaking missile assault on Ukraine, marking his harshest public criticism yet of the Russian leader.
Hong Kong is seizing an unexpected opportunity to attract top academic talent after the U.S. banned Harvard from enrolling international students. The city’s universities are stepping in with offers and support to affected students.
Southeast Asian leaders are meeting in Kuala Lumpur to voice concern over U.S. tariff policies and forge stronger regional and global alliances.
U.S. President Trump has expressed surprise at Russia’s latest deadly assault on Ukraine.
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Anton Kobyakov, adviser to Russian President Vladimir Putin, claimed at the St. Petersburg International Legal Forum that the USSR’s dissolution was legally invalid and that the Soviet Union still exists under constitutional law, framing the Ukraine war as an “internal process.”
Kyiv faced a large-scale Russian drone and missile assault overnight, with explosions and gunfire echoing throughout the city, forcing residents to shelter in subway stations.
Another busy Atlantic hurricane season is on the horizon for 2025, with forecasters predicting above-average storm activity fueled by warmer ocean waters.
Chinese clean energy companies risk losing tax benefits under the Inflation Reduction Act if the One Big Beautiful Bill becomes law, following its narrow passage in the U.S. House of Representatives.
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.
Even if global warming is limited to 1.5°C — the goal set by nearly 200 countries — rising seas will still pose a major threat to coastal communities for centuries, scientists say.
Colombia lost nearly 88,900 hectares of forest — an area larger than New York City — in just six months, according to a new report from the country’s public watchdog.
Germany is stepping up its military readiness, aiming to fully equip its armed forces by 2029 amid rising concerns over future threats from Russia.
Trump called Putin “crazy” after Russia’s record-breaking missile assault on Ukraine, marking his harshest public criticism yet of the Russian leader.
Hong Kong is seizing an unexpected opportunity to attract top academic talent after the U.S. banned Harvard from enrolling international students. The city’s universities are stepping in with offers and support to affected students.
Southeast Asian leaders are meeting in Kuala Lumpur to voice concern over U.S. tariff policies and forge stronger regional and global alliances.
U.S. President Trump has expressed surprise at Russia’s latest deadly assault on Ukraine.
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