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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A fire that broke out Thursday evening at the 'Azerbaijanfilm' studio in Baku has been brought under control, following an explosion reported in an old pyrotechnics area of the complex.
The two-day Fintex Summit 2025 – Finance and Technologies Expo – has officially opened in Baku, bringing together key players from the financial and tech sectors to explore innovation, digitalisation, and regulatory trends.
One of the region’s largest innovation events, “Baku ID-2025”, has officially kicked off in Baku. Organized by SABAH.HUB in partnership with government agencies and leading representatives of the private sector, this year’s festival is held under the theme “The Regional Nexus”.
The 65th General Assembly of the Parliamentary Assembly of the Black Sea Economic Cooperation (PABSEC) convened in Baku on 18 June, bringing together parliamentary delegations and international representatives to discuss regional cooperation and sustainable development.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Severe rain in Venezuela has caused rivers to overflow and triggered landslides, sweeping away homes and collapsing a highway bridge, with five states affected and no casualties reported so far.
A malfunction in the radar transmission system at the Area Control Center in Milan suspended more than 300 flights at the weekend, across northwest Italy since Saturday evening according to Italy's air traffic controller Enav (National Agency for Flight Assistance).
Thousands of protesters rallied in Bangkok on Saturday, demanding Prime Minister Paetongtarn Shinawatra resign as political and economic tensions mount.
The Russian government has approved the creation of the Black Sea State Nature Biosphere Reserve, according to a decree published Sunday on the government’s official website. Black Sea Biosphere Reserve is the largest nature reserve in Ukraine which is now under Russian occupation.
Over a third of Tuvalu's population has applied for Australia's climate visa, as rising sea levels threaten to submerge the Pacific nation within decades.
Heatwaves gripping Europe have pushed temperatures above 40°C, fueling wildfires and triggering weather alerts across several countries.
Greek firefighters are battling a large wildfire south of Athens as the country faces its first major heat wave of the summer, with temperatures nearing 40°C and strong winds fuelling the flames.
China has surpassed its 2030 renewable energy target six years ahead of schedule and now leads the world in clean energy investment, innovation, and deployment, transforming itself into a global powerhouse in the transition to a sustainable energy future.
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