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.
The International Carpet Festival kicked off near the iconic Gosha Gala Gates in Icherisheher (Old City), aiming to promote the global legacy and future of Azerbaijani carpet weaving.
Transitioning to green agriculture requires a fundamental shift in budget priorities, sustainable practices, and consumer behavior, the UN Food and Agriculture Organization (FAO) emphasized at the 4th Agribusiness Development Forum held in Baku
Iranian President Masoud Pezeshkian has praised the strong cultural and historical bonds between Iran and Azerbaijan, expressing optimism for deeper cooperation ahead of his upcoming official visit to Baku.
Azerbaijan’s capital, Baku, will host the 2025 WMF Minifootball World Cup from May 21 to June 1, reflecting the nation’s growing international reputation and success in hosting major sporting events, said Orkhan Mammadov, President of Azerbaijan’s Minifootball Federation.
The 7th ADA University Policy Forum, themed "Facing the New World Order," has officially begun at Garabagh University in Khankendi, with participants arriving at Fuzuli International Airport ahead of the event.
Iranian Foreign Minister Abbas Araqchi will visit Saudi Arabia and Qatar on Saturday to attend the Iran-Arab World Dialogue summit in Doha, as preparations continue for a possible fourth round of U.S.-Iran nuclear talks in Oman over the weekend.
Armenia and Azerbaijan are now conducting direct peace talks without Russian mediation, according to Armenian Security Council Secretary Armen Grigoryan. He told Armenian media that Moscow’s mediating role has ended and that direct dialogue is now seen as more effective.
Armenian Prime Minister Nikol Pashinyan confidently announced that there will be no war between Armenia and Azerbaijan, emphasizing a shared commitment to a peaceful and prosperous future for the region.
Britain has imposed fresh sanctions on Russia, including asset freezes targeting directors of the oil trading firm Coral Energy Group, now known as 2Rivers Group.
Moscow is currently holding a Victory Day parade to mark 80 years since the end of the Great Patriotic War, with foreign delegations and military units participating.
India has fired a series of missiles into Pakistani-controlled territory, in what it has described as “Operation Sindoor”
For the first time in history, an American has been chosen to lead the Catholic Church, as Cardinal Robert Prevost is named pope.
Discover every major VE Day 80 event in Britain, 5‑8 May 2025—from London’s parade and fly‑past to street parties, concerts and museum exhibitions.
Chinese e-commerce platform Temu has announced it will no longer sell goods directly from China to U.S. customers, shifting instead to U.S.-based sellers amid the closure of a long-criticized customs loophole.
Cardinals from 70 nations have gathered in Vatican City to begin the historic conclave to elect the next pope, following the death of Pope Francis 17 days ago. This conclave is the most geographically diverse in Church history, showcasing Francis’ legacy of inclusivity.
Ahead of COP30 in Belem, Brazil is pushing for the creation of new global governance mechanisms to help nations implement their climate commitments under the Paris Agreement, citing an urgent need to accelerate action.
Latest data show dwindling river flows and worsening drought: these conditions are triggered by warmer-than-average weather and lower precipitation across much of the continent since the beginning of the year, according to the Drought in Europe – April 2025 report, published by the JRC.
In a boost for the green transition in the Middle East and North Africa, a joint guarantee agreement worth €300 million to facilitate the green transformation of urban areas and support the development of green hydrogen market in the Middle East and North Africa has been signed.
Transitioning to green agriculture requires a fundamental shift in budget priorities, sustainable practices, and consumer behavior, the UN Food and Agriculture Organization (FAO) emphasized at the 4th Agribusiness Development Forum held in Baku
On the sidelines of the Istanbul Natural Resources Summit, Azerbaijan’s Minister of Energy, Parviz Shahbazov, held bilateral meetings with Bulgarian Energy Minister Zhecho Stankov and Romanian Energy Minister Sebastian-Ioan Burduja.
Iranian Foreign Minister Abbas Araqchi will visit Saudi Arabia and Qatar on Saturday to attend the Iran-Arab World Dialogue summit in Doha, as preparations continue for a possible fourth round of U.S.-Iran nuclear talks in Oman over the weekend.
Armenia and Azerbaijan are now conducting direct peace talks without Russian mediation, according to Armenian Security Council Secretary Armen Grigoryan. He told Armenian media that Moscow’s mediating role has ended and that direct dialogue is now seen as more effective.
Armenian Prime Minister Nikol Pashinyan confidently announced that there will be no war between Armenia and Azerbaijan, emphasizing a shared commitment to a peaceful and prosperous future for the region.
Britain has imposed fresh sanctions on Russia, including asset freezes targeting directors of the oil trading firm Coral Energy Group, now known as 2Rivers Group.
Moscow is currently holding a Victory Day parade to mark 80 years since the end of the Great Patriotic War, with foreign delegations and military units participating.
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