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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At the end of last year, U.S. President Donald Trump was reported to have raised the Azerbaijan–Armenia peace agenda during a conversation with Israel’s prime minister, warning that if peace were not achieved, Washington could raise tariffs on both countries by 100 percent.
Russia must accept responsibility for the Azerbaijan Airlines crash near Aktau that killed 38 people, Azerbaijani MP Tural Ganjali has said. His comments come as Azerbaijan marks the first anniversary of the disaster, which occurred on 25 December 2024.
As the year draws to a close, Central Asia has taken a significant step towards deeper regional integration by formally bringing Azerbaijan into its decision-making framework. The move signals a broader shift towards political and economic coordination across Eurasia.
Azerbaijani non-governmental organisations have called on U.S. President Donald Trump to reject an appeal by the U.S.-based Lemkin Institute for Genocide Prevention. The appeal urges Washington to pressure Azerbaijan to release detainees of Armenian origin, including Ruben Vardanyan.
Open-source intelligence (OSINT) sources reported a significant movement of U.S. military aircraft towards the Middle East in recent hours. Dozens of U.S. Air Force aerial refuelling tankers and heavy transport aircraft were observed heading eastwards, presumably to staging points in the region.
Snow and ice stalled travellers in northwest Europe on Wednesday, forcing around a thousand to spend the night in Amsterdam's Schiphol airport but delighting others who set out to explore a snow-blanketed Paris on sledges and skis.
Diplomatic tensions between Tokyo and Beijing escalated as Japan slams China's export ban on dual-use goods. Markets have wobbled as fears grow over a potential rare earth embargo affecting global supply chains.
Two people have been killed after a private helicopter crashed at a recreation centre in Russia’s Perm region, Russian authorities and local media have said.
Iran’s chief justice has warned protesters there will be “no leniency for those who help the enemy against the Islamic Republic”, as rights groups reported a rising death toll during what observers describe as the country’s biggest wave of unrest in three years.
The 240-megawatt Khizi-Absheron Wind Power Plant has been inaugurated in Azerbaijan on Thursday (8 Jan) by President Illham Aliyev, who described the launch as a landmark moment for Azerbaijan's energy sector. It's the first large-scale, independently developed wind energry project in the country.
A mountain gorilla has given birth to twins in war‑torn eastern Democratic Republic of Congo (DRC), a national park said on Wednesday, calling the event “a major event” for the endangered subspecies.
Experts say COP30 failed to deliver concrete commitments on fossil fuels and deforestation despite high expectations.
Snow and ice caused travel chaos in northwest Europe on Wednesday, while others were delighted by the snow-covered streets of Paris, venturing out on sledges and skis.
Emergency services across southeastern Australia have been placed on high alert as a blistering air mass pushes temperatures to dangerous extremes, reviving painful memories of the nation's catastrophic fire seasons of the past decade.
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