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.
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 International Symposium of Ombudsmen, titled "Strengthening the Rule of Law: The Role of Ombudsmen and National Human Rights Institutions", began in Baku on June 18.
Peace is no longer a dream. It is a discussion. On the streets of Baku and Yerevan, it is also a question, of trust, of foreign interests, and of who truly wants it.
Azerbaijan Airlines (AZAL) has cancelled certain flights scheduled for 13th and 14th June amid recent escalation of situation in the Middle East and the closure of airspace in several countries for security reasons.
Former UFC lightweight champions Khabib Nurmagomedov and Islam Makhachev have landed in Baku ahead of Azerbaijan’s first-ever UFC tournament.
Kazakhstan will establish regional water risk management headquarters to address growing water challenges during the vegetation season, the government announced following a meeting chaired by Prime Minister Olzhas Bektenov.
UN High Commissioner for Refugees Filippo Grandi has warned that global refugee protection is facing unprecedented threats, with more than 122 million people forcibly displaced amid ongoing conflicts and shrinking humanitarian aid.
A new freight route connecting eastern China to Azerbaijan via Turkmenistan has officially been launched, marking a significant expansion of the Trans-Caspian International Transport Corridor, also known as the Middle Corridor.
Tesla has secured a major agreement to build its first grid-scale battery storage station in China, local media outlet Yicai reported Friday.
Iranian missiles struck multiple locations across Israel and neighbouring regions early Friday morning, including a Microsoft office complex, according to emergency responders and local media reports.
Peace is no longer a dream. It is a discussion. On the streets of Baku and Yerevan, it is also a question, of trust, of foreign interests, and of who truly wants it.
Israeli strikes have reportedly targeted areas near the residences of Iran’s Supreme Leader Ayatollah Ali Khamenei and President Masoud Pezeshkian, according to the New York Times, citing local witnesses.
A high-speed tram derailment in central Gothenburg, Sweden, has left at least eight people injured late on Thursday (19 June), after the vehicle slammed into a snack bar on Avenyn Avenue.
The 2025 G7 Leaders’ Summit was held June 15–17 in Kananaskis, Alberta, under Canada’s presidency. Prime Minister Mark Carney framed the meeting around priorities of protecting communities, energy and climate security, the digital transition, and future partnerships.
A 32°C heatwave expected to grip England has been made a 100 times more likely by human-caused climate change, according to a rapid scientific analysis released Thursday.
In 19 EU countries, the share of renewable energy sources in net electricity generation decreased in the first quarter of 2025 compared with the first quarter of 2024. The largest drops were recorded in Greece (-12.4%), Lithuania (-12.0%) and Slovakia (-10.6%).
The first side event of the Global South NGO Platform, initiated by Azerbaijan, was held in Bonn, Germany this week.
Egypt’s first integrated solar and battery storage plant will deliver dispatchable clean energy, enhance grid stability and manage peak demand. The project is expected to generate approximately 3,000 GWh of clean energy and avoid up to 1.4 million metric tonnes of emissions per year.
UK Chancellor of the Exchequer, the Rt Hon Rachel Reeves, has announced a record £2.5 billion in additional funding this week to advance the development of the world’s first fusion power plant.
Former UFC lightweight champions Khabib Nurmagomedov and Islam Makhachev have landed in Baku ahead of Azerbaijan’s first-ever UFC tournament.
Kazakhstan will establish regional water risk management headquarters to address growing water challenges during the vegetation season, the government announced following a meeting chaired by Prime Minister Olzhas Bektenov.
UN High Commissioner for Refugees Filippo Grandi has warned that global refugee protection is facing unprecedented threats, with more than 122 million people forcibly displaced amid ongoing conflicts and shrinking humanitarian aid.
A new freight route connecting eastern China to Azerbaijan via Turkmenistan has officially been launched, marking a significant expansion of the Trans-Caspian International Transport Corridor, also known as the Middle Corridor.
Tesla has secured a major agreement to build its first grid-scale battery storage station in China, local media outlet Yicai reported Friday.
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