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.
The "Colonialism: Erasure of Religious and National Identity" conference in Baku gathers leaders of independence movements and political prisoners' families to discuss the suppression of identity under colonial rule, global anti-colonial movements, and reparations.
Cooperation related to the world order must be deepened; only in this way can we meet the challenges and solve the problems.
In the Khojaly genocide, 613 people, including more than 100 women and 60 children, were killed. However, according to President Ilham Aliyev, Azerbaijan must look towards the future. He made these remarks during his speech at the opening ceremony of the 12th Global Baku Forum.
U.S. Secretary of State Marco Rubio announces immediate cancellation of U.S. visas for South Sudanese passport holders, citing Juba’s failure to accept repatriated citizens.
Mass demonstrations erupt in Tel Aviv as protesters demand the release of hostages from Gaza and call for an end to renewed military action.
Ukrainian President Zelenskyy meets British and French military leaders to explore forming a multinational force amid U.S. hesitation over security guarantees.
Thousands march across Spain demanding affordable housing amid soaring rents and dwindling supply.
Aid groups in Myanmar’s worst-hit areas urgently need shelter, food, and water after a devastating 7.7 magnitude earthquake killed over 2,700 people. Rescue efforts face challenges due to ongoing civil war, damaged infrastructure, and restricted aid access, with the toll expected to rise.
The inaugural Samarkand International Climate Forum will kick off on 4th April at the Silk Road Samarkand Congress Center in Uzbekistan. The high-profile forum will be held under the theme "Central Asia Facing Global Climate Challenges: Consolidation for Shared Prosperity."
French far-right leader Marine Le Pen was banned from running for public office for five years after being convicted of embezzlement, ruling her out of the 2027 presidential race. She received a four-year prison sentence, with two years suspended, and a €100,000 fine. Le Pen plans to appeal.
The Armenian armed forces attempted three reconnaissance drone flights over Azerbaijan Army positions near Gerenzur, but all were successfully intercepted. Meanwhile, Armenian units repeatedly fired on Azerbaijani positions from multiple regions, escalating tensions in the area.
The inaugural Samarkand International Climate Forum will kick off on 4th April at the Silk Road Samarkand Congress Center in Uzbekistan. The high-profile forum will be held under the theme "Central Asia Facing Global Climate Challenges: Consolidation for Shared Prosperity."
Brazil has named automotive industry executive Dan Ioschpe as its official “climate champion” for the COP30 summit, to be held in Belém this November.
Belgium and Vietnam have signed agreements to collaborate on green hydrogen production during King Philippe’s historic visit to Hanoi.
The World Bank reported that air pollution leads to approximately 5.7 million deaths each year, with 95% of fatalities occurring in low- and middle-income nations. It also causes economic losses amounting to 5% of global GDP due to health impacts, productivity decline, and reduced life expectancy.
France, Italy, and Slovakia have urged the EU to simplify its carbon border levy rules this year, calling for reduced red tape and standardized emissions calculations to ease the burden on businesses.
U.S. Secretary of State Marco Rubio announces immediate cancellation of U.S. visas for South Sudanese passport holders, citing Juba’s failure to accept repatriated citizens.
Mass demonstrations erupt in Tel Aviv as protesters demand the release of hostages from Gaza and call for an end to renewed military action.
Ukrainian President Zelenskyy meets British and French military leaders to explore forming a multinational force amid U.S. hesitation over security guarantees.
Thousands march across Spain demanding affordable housing amid soaring rents and dwindling supply.
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