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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Baku is hosting the 12th meeting of the Organisation of Turkic States (OTS) Media and Information Working Group, on Thursday, where key representatives are discussing media collaboration and coordination among member states.
Heads of media institutions, prominent media organisations, senior representatives and renowned experts have arrived in Azerbaijan's capital for the D-8 Organization for Economic Cooperation Media Forum, themed, "Promoting Dialogue, Cooperation and Regional Solidarity".
Around 50 tourism companies attended the "China Visitors Summit" in Baku on Sunday (17 November). The event, organised by the State Tourism Agency, was the first time it was held in Azerbaijan's capital, and brought together representatives from the tourism industries from both countries.
One of the most dynamic global youth and innovation gatherings of the year is underway in the Azerbaijani capital. Baku welcomed the International Telecommunication Union (ITU) Global Youth Celebration 2025, a key pre-event to the upcoming World Telecommunication Development Conference 2025 (WTDC).
At least 47 people have died and another 21 are reported missing following ten days of heavy rainfall, floods, and landslides across Sri Lanka, local media reported on Thursday (27 November).
Hong Kong fire authorities said they expected to wrap up search and rescue operations on Friday after the city's worst fire in nearly 80 years tore through a massive apartment complex, killing at least 128 people, injuring 79 and leaving around 200 still missing.
U.S. Secretary of Defense Pete Hegseth visited sailors aboard the USS Gerald R. Ford aircraft carrier in the Latin American region on Thursday, amid a military buildup by President Donald Trump’s administration that has heightened tensions with Venezuela.
At least 153 people have been killed in Sri Lanka after landslides and flooding caused by Cyclone Ditwah, officials said on Saturday, with 191 others missing and more than half a million affected nationwide.
The Spanish agricultural sector has been placed on high alert following the confirmation that African Swine Fever (ASF) has resurfaced in the country for the first time in over thirty years.
The death toll from devastating floods across Southeast Asia climbed to at least 183 people on Friday (28 November). Authorities in Indonesia, Malaysia, Thailand and Sri Lanka struggle to rescue stranded residents, restore power and communications, and deliver aid to cut-off communities.
At least 47 people have died and another 21 are reported missing following ten days of heavy rainfall, floods, and landslides across Sri Lanka, local media reported on Thursday (27 November).
Rescuers in Thailand readied drones on Thursday to airdrop food parcels, as receding floodwaters in the south and neighbouring Malaysia brightened hopes for the evacuation of those stranded for days, while cyclone havoc in Indonesia killed at least 28.
Floods and landslides brought about by torrential rain in Indonesia's North Sumatra province have killed at least 28 people by Thursday, with rescue efforts hampered by what an official described as a "total cut-off" of roads and communications.
Cameras from the United States Geological Survey (USGS) on Saturday (22 November) captured Hawaii's Kilauea volcano spewing flowing lava from its crater in its latest eruption.
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