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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As climate pressures and urbanisation accelerate worldwide, governments are increasingly investing in smart cities and villages to build more sustainable and resilient communities. Across the world, digital technologies are reshaping how cities and rural areas are planned and managed.
Shortly after nine o’clock on Tuesday morning (26 May), a sleek white train eased into Tbilisi’s central railway station, a couple of minutes behind schedule, carrying passengers from Baku for the first time since 2020.
Passenger rail services between Baku and Tbilisi are expected to resume in 2026, after being suspended in 2020 because of the COVID-19 pandemic and regional border restrictions.
The 13th edition of the World Urban Forum (WUF13) held in Baku showed Azerbaijan’s “meaningful contribution to multilateralism,” the country’s President Ilham Aliyev has said.
The U.S. and Iran have reportedly reached a preliminary 60-day ceasefire and nuclear talks deal, pending Donald Trump’s approval, Axios reports. Meanwhile, the GCC condemned Iran’s missile strike on a U.S. airbase in Kuwait, which Tehran said was retaliation for a U.S. strike near Bandar Abbas.
The World Health Organization (WHO) says ongoing conflict, funding pressures and international travel restrictions are complicating efforts to contain a fast-growing Ebola outbreak in the Democratic Republic of Congo (DRC).
Bolivia’s President Rodrigo Paz has taken steps towards potentially declaring a state of emergency as anti-government protests intensify in the early months of his administration.
Russian President Vladimir Putin arrived in Kazakhstan on Wednesday for a three-day state visit focused on energy, transport and economic cooperation with one of Moscow’s closest regional partners.
Muslims around the world have marked Eid al-Adha with prayers, celebrations and acts of charity, though for many Palestinians the holiday unfolded amid conflict, restrictions and loss.
As climate pressures and urbanisation accelerate worldwide, governments are increasingly investing in smart cities and villages to build more sustainable and resilient communities. Across the world, digital technologies are reshaping how cities and rural areas are planned and managed.
The UK is experiencing potentially record-breaking temperatures after forecasters confirmed some areas reached highs close to 34°C on Monday.
More than 100 people were killed in a violent storm that battered India's most populous state, Uttar Pradesh, with rain and hail, the state Disaster Management and Relief office said on Thursday.
Climate change has driven a record surge in wildfires across Africa, Asia and other regions this year, with scientists warning that conditions are likely to worsen further as the northern hemisphere enters summer and El Niño weather patterns intensify.
Destruction of the world's tropical forests eased in 2025 from a record high, a report showed on Wednesday, underscoring how decisive policy can help keep trees standing despite pressures from a warmer climate and expanding agricultural frontiers.
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