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.
Azerbaijan's Foreign Minister Jeyhun Bayramov, speaking at a press conference in Baku with his Georgian counterpart Maka Bochorishvili on January 16, stated that his country had been "punished" by the U.S. under the 907th Amendment for restoring its sovereignty in 2023.
The 10th meeting of OTS customs administrations has begun in Baku, gathering officials from Azerbaijan, Türkiye, Kazakhstan, Uzbekistan, and Kyrgyzstan, alongside international representatives. The first day focused on expert discussions and key agenda topics.
The Azerbaijan Grand Prix returns to Baku from September 19-21, 2025, as the 17th race of the season.
AZAL flight J2-8717 returned to Baku due to Makhachkala airspace closure. The plane landed safely; updates on Russia flights to follow.
Azerbaijan was unanimously elected as the new member of the Developing Eight, marking the organization’s first expansion since its founding.
Pope Francis is showing improvement, the Vatican said, as the pontiff began his eighth day in hospital. Francis was admitted after struggling with breathing and is being treated for pneumonia.
EU boosts undersea cable security with nearly €1B reallocation, enhancing surveillance, deterrence, and rapid response. A new data-sharing system, drone program, and emergency repair fleet aim to protect critical infrastructure amid rising sabotage concerns.
China's centuries-old treasures have been pulled out of storage to be restored for display at Beijing's Forbidden City and Palace Museum. Meticulous repairs are needed ahead of the museum's 100th anniversary this year.
USAID has long promoted itself as a supporter of press freedom, but reports suggest its media funding may have influenced domestic narratives in Europe and post-Soviet states. With the Trump administration freezing its grants, the agency’s role in shaping global information is under scrutiny.
A Delta Air Lines regional jet flipped upside down upon landing at Toronto Pearson Airport on Monday, injuring 18 people. Officials are investigating whether strong winds and snow played a role in the incident.
A tragic crowd crush at New Delhi Railway Station on Saturday night left 18 dead and 10 injured as thousands of people, many heading to the Kumbh Mela festival, attempted to board delayed trains. The incident highlights the ongoing risks of overcrowding at public transportation hubs in India.
Greece is struggling with severe water shortages as climate change intensifies droughts and aging infrastructure leaks nearly half of its drinking water. The crisis threatens agriculture, public health, and daily life.
Azerbaijan's President Ilham Aliyev has approved an agreement between Azerbaijan, Kazakhstan and Uzbekistan on strategic partnership in the development and transmission of green energy.
Masdar, TotalEnergies and EPointZero, the decarbonisation division of 2PointZero, have signed a Framework for Action (FFA) agreement to expand clean energy access across Africa and Asia.
Stockholm, Sweden, February 19, 2025 – Sweden’s Supreme Court ruled on Wednesday that a class action lawsuit, initiated by climate activist Greta Thunberg and 299 other plaintiffs, cannot proceed in its current form.
Over 150 false killer whales have been stranded on a remote beach in Tasmania, Australia. Rescue teams are working to save the surviving dolphins, while the cause of the stranding remains under investigation.
Pope Francis is showing improvement, the Vatican said, as the pontiff began his eighth day in hospital. Francis was admitted after struggling with breathing and is being treated for pneumonia.
EU boosts undersea cable security with nearly €1B reallocation, enhancing surveillance, deterrence, and rapid response. A new data-sharing system, drone program, and emergency repair fleet aim to protect critical infrastructure amid rising sabotage concerns.
China's centuries-old treasures have been pulled out of storage to be restored for display at Beijing's Forbidden City and Palace Museum. Meticulous repairs are needed ahead of the museum's 100th anniversary this year.
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