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.
Kyrgyzstan has joined the TRACECA multilateral permit system, a move analysts say will deepen regional integration, cut transport costs and ease cross...
More than 17 million people in Afghanistan are facing acute food insecurity this winter, according to the World Food Programme (WFP). This represents ...
The Games of the Future 2025 kicked off with an opening ceremony, merging physical sports and digital e-sports to create a unique "phygital" category....
In a ground-breaking development, artificial intelligence (AI) is taking on new forms in Japan, where it has extended to a more personal and intimate ...
In the complex world of international diplomacy, the ongoing tensions between India and Pakistan have raised significant questions about the role of t...
Azerbaijan and Pakistan are bolstering bilateral ties and cooperation across energy, defence, trade and regional connectivity. This was highlighted at a high-level meeting of the two countries’ foreign ministers in Abu Dhabi, United Arab Emirates, on Sunday, 14 December.
Azerbaijan has been elected as a member of the United Nations Commission on Population and Development and the Commission for Social Development.
In a dramatic Champions League clash at Baku’s Tofiq Bahramov Stadium, Qarabağ grabbed an early lead, but Ajax staged a thrilling comeback to win 4-2.
Top diplomats from Armenia and Azerbaijan will convene in Qatar this Saturday for a high-profile panel discussion aimed at cementing the peace process between the historic South Caucasus rivals.
At least 37 people have been killed in flash floods triggered by torrential rain in Morocco's Atlantic coastal province of Safi, Moroccan authorities said on Monday (15 December).
Authorities discovered the lifeless bodies of renowned filmmaker Rob Reiner, aged 78, and his wife, Michele Reiner, 68, in their upscale Brentwood home in Los Angeles on Sunday. The police investigation has labeled the incident an apparent homicide.
Cambodia must be the first to declare a ceasefire in the ongoing border conflict, Thailand said on Tuesday (16 December), as fighting continued despite earlier claims that hostilities would stop and at least 52 people have been killed on both sides.
Schools across Cambodia and Thailand were forced to close on Monday (15 December) as border clashes between the two countries escalated, with the death toll reaching at least 40 and hundreds of thousands of people displaced, according to officials and local media.
U.S. envoy Steve Witkoff and Ukrainian President Volodymyr Zelenskyy held two rounds of high-stakes talks in Berlin, Germany on 14-15 December. Ukraine’s chief negotiator, Rustem Umerov, posted on X that discussions with the U.S. envoy have been "constructive and productive".
Dense smog has forced authorities in Pakistan’s Punjab province to shut several major motorways on Tuesday (16 December), stranding commuters as visibility dropped sharply and Lahore’s air quality reached hazardous levels.
At least 37 people have been killed in flash floods triggered by torrential rain in Morocco's Atlantic coastal province of Safi, Moroccan authorities said on Monday (15 December).
Climatologists say Poland has logged its warmest December in 74 years, with 2025 continuing a run of above-average temperatures and repeated national records.
As the world marks the tenth anniversary of the Paris Agreement, progress in combating global climate change is mixed.
An extratropical cyclone has caused widespread disruption across Brazil’s São Paulo state, with powerful winds toppling trees and power lines, blocking streets and leaving large parts of the region without electricity.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment