The agreement, finalised at COP29 in Baku, Azerbaijan, establishes that developed countries will contribute $300 billion annually by 2035 to assist poorer countries in mitigating the effects of climate change.
Climate negotiators on Sunday agreed to an annual finance target of 300 billion U.S. dollars to help poorer countries deal with the impacts of climate change by 2035, a key task of the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29).
According to the deal reached in Baku, capital city of Azerbaijan, rich countries will lead the payments.
The new goal will replace the previous deal of 100 billion U.S. dollars per year in climate finance for developing nations by 2020. However, that goal was met two years late, in 2022, and expires in 2025.
The European Union hailed the deal as a "new era" of climate finance for poorer countries, but UN Secretary General Antonio Guterres said that he had hoped for "a more ambitious outcome."
Vulnerable developing countries led by India and Nigeria criticized the sum as "paltry" and an insult. These nations had been holding out hope for a figure closer to their proposed 1.3 trillion U.S. dollar sum.
COP29 also reached agreement on creating a global market to trade carbon pollution rights and to mobilize more money on new projects to help fight global warming.
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Over a century ago, the streets of Baku were engulfed in violence as thousands of civilians perished during the March Days of 1918, marking one of the darkest chapters in Azerbaijan’s history.
Festive events across Azerbaijan are bringing the spirit of Novruz to life, with the Gala State Historical and Ethnographic Reserve hosting its annual “Spring Fortress” celebration. Visitors are immersed in a historic setting, surrounded by colourful decorations and live performances.
A media briefing in Baku has outlined preparations for the 13th session of the World Urban Forum (WUF13), scheduled to take place in Baku from 17 to 22 May 2026.
Hungarians vote in elections on Sunday that could see the end of hard right nationalist Prime Minister Viktor Orbán’s more than 15 year rule. Opinion polls show Orbán’s Fidesz party trailing 45-year-old Péter Magyar’s centre-right opposition Tisza party.
U.S. and Iranian negotiators held their highest-level talks in half a century in Pakistan on Saturday in an effort to end their six-week war, as President Donald Trump said the U.S. military had begun the process of clearing the Strait of Hormuz.
At least 30 people were killed on Saturday in a stampede at Haiti’s Laferrière Citadel World Heritage Site, with authorities warning that the death toll could rise.
Israel has reprimanded Spain’s most senior diplomat in Tel Aviv after a giant effigy of Prime Minister Benjamin Netanyahu was blown up in a Spanish town.
Nine suspects were arrested on Saturday (11 April) in connection with a terror attack targeting a police post in Istanbul’s Beşiktaş district.
Communities in Mexico have taken to the streets to protest against an ongoing oil spill in the Gulf of Mexico that has killed wildlife and damaged coral reefs over several weeks.
The World Meteorological Organization (WMO) has warned that the Earth’s climate system is becoming increasingly unstable, with new evidence showing a growing imbalance in how the planet absorbs and releases energy.
China is preparing for a year of extreme weather in 2026, with authorities warning the country could face both severe flooding and widespread drought, underscoring mounting climate pressures.
Heavy rain, flash floods and lightning strikes across Afghanistan have killed 28 people and destroyed hundreds of homes in Kabul, Herat and other provinces.
Central Asia is stepping up efforts to address rapid glacier melt, following United Nations warnings of unprecedented climate pressure on mountain ecosystems.
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