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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.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Snapchat will start charging users who store more than 5GB of photos and videos in its Memories feature, prompting backlash from long-time users.
Global investors managing more than $3 trillion in assets have urged governments to halt and reverse deforestation and ecosystem destruction by 2030, according to a joint statement released on Monday ahead of next month’s U.N. climate conference in Brazil.
A team of Argentine paleontologists has uncovered one of the oldest known dinosaurs, a nearly complete skeleton of a long-necked herbivore that roamed Earth 230 million years ago in what is now La Rioja province.
An earthquake of magnitude 6.7 struck Papua province in Indonesia on Thursday, the United States Geological Survey (USGS) said.
Five days after historic floods that have killed at least 66 people and damaged 100,000 homes, Mexico is still struggling to provide aid to the worst-affected communities and locate 75 missing individuals, amid growing criticism of the government’s response to the crisis.
Indonesia's Mount Lewotobi Laki-laki erupted on Wednesday, shooting volcanic ash 10 km (6.2 miles) into the sky, the country's volcanology agency said, forcing authorities to raise the alert system to its highest level.
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