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 media briefing in Baku has outlined preparations for the 13th session of the World Urban Forum (WUF13), scheduled to take place in Baku from 17 to 22 May 2026.
International security and climate change are top of the agenda as leaders and policymakers from around the world meet at the 13th Global Baku Forum in the Azerbaijani capital this week.
Organisers of the 13th Global Baku Forum outlined the agenda and key themes of the upcoming international gathering during a press conference in Baku ahead of the event, scheduled to take place from 12 to 14 March.
Some changes are immediately visible: new turbines on the steppe, solar panels on rooftops, and figures in reports. Other changes mature in silence - but transform everything. Azerbaijan, for decades associated with black gold, is now writing a new chapter.
The other evening, I was fuelling my car at a petrol station in Kenya’s capital. It was one of those small moments most motorists barely notice. The attendant filled the tank, I glanced at the pump price, paid, and drove off.
President Trump called on countries to assist in reopening the Strait of Hormuz, while Starmer said the UK is working with allies to restore navigation and stabilise oil markets. It comes as a strike near Iraq’s western border killed several Hashed al-Shaabi fighters, raising regional tensions.
Israel's Defence Minister Israel Katz has said that Iran's security chief Ali Larijani was killed in targeted strikes on the country.
Kazakhstan has adopted a new constitution that could allow President Kassym-Jomart Tokayev to stay in power beyond 2029. The Central Election Commission confirmed that 87.15% of voters backed the constitution in a referendum held on Sunday (17 March).
The World Health Organization (WHO) has released $2m in emergency funding to support health responses in Lebanon, Iraq and Syria as escalating regional conflict strains hospitals, raises displacement and increases pressure on already fragile health systems.
The death toll from heavy rains and flooding in Brazil’s Minas Gerais state has risen to 46, authorities said, with 21 people still reported missing. The storms triggered landslides and widespread flooding, displacing thousands across Juiz de Fora and Uba.
The administration of U.S. President Donald Trump on Thursday (12 February) announced the repeal of a scientific finding that greenhouse gas emissions endanger human health, and eliminated federal tailpipe emissions standards for cars and trucks.
Tropical Cyclone Gezani has killed at least 31 people and left four others missing after tearing through eastern Madagascar, the government said on Wednesday, with the island nation’s second-largest city bearing the brunt of the destruction.
Rivers and reservoirs across Spain and Portugal were on the verge of overflowing on Wednesday as a new weather front pounded the Iberian peninsula, compounding damage from last week's Storm Kristin.
Morocco has evacuated more than 100,000 people from four provinces after heavy rainfall triggered flash floods across several northern regions, the Interior Ministry said on Wednesday.
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