The Baku Finance Goal (BFG) has been announced by the COP29 Presidency of Azerbaijan, marking a groundbreaking commitment to mobilise $1.3 trillion annually in climate finance for the developing world.
This shows a substantial increase from the previous $100 billion target and is central to COP29’s mission to advance global climate action. The initiative will unlock significant investments to drive progress towards limiting global warming to 1.5°C.
The BFG sets a core target for developed nations to lead by contributing at least $300 billion annually by 2035, an increase of $50 billion from earlier drafts. It prioritises support for the least developed countries and small island states, focusing on accessibility and transparency. These advancements stem from 48 hours of intensive negotiations led by the Azerbaijani Presidency.
COP29 also finalised a decade-long negotiation on Article 6, establishing high-integrity carbon markets projected to generate $1 trillion annually by 2050 and reduce climate plan costs by $250 billion annually. Combined with the BFG, these measures are set to reshape global climate finance and redirect investment to developing nations.
Significant progress was also made on the Fund for Loss and Damage, which is now ready to begin distributing funds by 2025. This development aligns with Azerbaijan’s commitment to supporting vulnerable nations, as emphasised by President Ilham Aliyev.
In his remarks, COP29 President Mukhtar Babayev highlighted the transformative nature of the agreement, stating, “The Baku Finance Goal will turn billions into trillions over the next decade” and emphasised it as a key step in addressing climate challenges. The success of COP29 underscores Azerbaijan’s diplomatic leadership in delivering ambitious climate solutions.
Azerbaijan's Foreign Minister Jeyhun Bayramov, speaking at a press conference in Baku with his Georgian counterpart Maka Bochorishvili on January 16, stated that his country had been "punished" by the U.S. under the 907th Amendment for restoring its sovereignty in 2023.
The 10th meeting of OTS customs administrations has begun in Baku, gathering officials from Azerbaijan, Türkiye, Kazakhstan, Uzbekistan, and Kyrgyzstan, alongside international representatives. The first day focused on expert discussions and key agenda topics.
The Azerbaijan Grand Prix returns to Baku from September 19-21, 2025, as the 17th race of the season.
AZAL flight J2-8717 returned to Baku due to Makhachkala airspace closure. The plane landed safely; updates on Russia flights to follow.
Azerbaijan was unanimously elected as the new member of the Developing Eight, marking the organization’s first expansion since its founding.
A ceasefire agreement between Israel and Hamas has been reached, with hostages set to be released after over 15 months of conflict. The deal also includes a prisoner exchange, offering hope for peace despite ongoing violence in Gaza.
After the U.S. Supreme Court upheld a law that could ban TikTok over national security concerns, President Biden stated the final decision would rest with the next president, Donald Trump, who is reportedly considering a temporary delay of enforcement
A fire ravaged a shopping mall in Culiacán, Mexico, on January 16, 2025, causing significant damage, including the collapse of the roof housing a casino. Emergency responders worked to control the blaze, with one injury and two others treated for nervous breakdowns. Cause remains unknown.
Russia and Iran have agreed to intensify cooperation in developing international transport corridors, especially the North-South corridor. The move aims to improve trade flows and create smoother transportation conditions for goods traveling through both countries.
The Houthis, ruling northern Yemen, have claimed responsibility for the seventh drone attack on the US aircraft carrier USS Harry Truman since its arrival in the Red Sea. The group also warned it is monitoring developments in the Gaza Strip.
Reports of a two-month halt in Azerbaijani gas supplies to Serbia are false. Despite a technical issue at Shah Deniz Alpha, Shah Deniz Bravo ensures steady exports, with supplies set to resume soon. BP confirms no damage or environmental impact.
Coast Guard divers Chuck Fox and Corey Smith from the US Cutter *Polar Star* successfully repaired a leaking shaft in the freezing waters of McMurdo Sound, Antarctica.
Azerbaijan has temporarily halted its contracted natural gas supply to Bulgaria following a technical issue at BP's Alpha platform in the Shah Deniz gas field.
As we welcome the new year, it’s time to focus on species needing urgent conservation in 2025. From delicate lizards to mighty hornbills and massive sharks, all face the threat of extinction.
Over 100 Paris 2024 Olympic medals were returned due to quality issues linked to EU regulations and an untested varnish formula. The IOC has pledged to replace all defective medals.
As we approach 2025, extreme weather events are becoming the new normal. From heatwaves to flooding, climate change is accelerating and reshaping life on Earth. In this article, we explore how these shifts will affect our ecosystems, economies, and daily lives in the years ahead.
As we welcome the new year, it’s time to focus on species needing urgent conservation in 2025. From delicate lizards to mighty hornbills and massive sharks, all face the threat of extinction.
St. Helena, 1,930 kilometers off Namibia’s coast, now has the world’s most remote EV charging point. With just four electric cars, the island is working to expand its fleet and reduce fossil fuel reliance through sustainable energy.
On January 16th, Mars will reach a rare opposition, making it 900 times brighter than the faintest visible star. It will appear larger and brighter, providing perfect opportunities for observation with the naked eye or a telescope
COP29 in Azerbaijan set key rules for carbon credit trading, boosting the global carbon market. Early adopters like Japan, Singapore, and South Korea aim to meet climate goals, while ASEAN explores a regional approach for emissions reduction and economic growth.
A ceasefire agreement between Israel and Hamas has been reached, with hostages set to be released after over 15 months of conflict. The deal also includes a prisoner exchange, offering hope for peace despite ongoing violence in Gaza.
After the U.S. Supreme Court upheld a law that could ban TikTok over national security concerns, President Biden stated the final decision would rest with the next president, Donald Trump, who is reportedly considering a temporary delay of enforcement
A fire ravaged a shopping mall in Culiacán, Mexico, on January 16, 2025, causing significant damage, including the collapse of the roof housing a casino. Emergency responders worked to control the blaze, with one injury and two others treated for nervous breakdowns. Cause remains unknown.
Russia and Iran have agreed to intensify cooperation in developing international transport corridors, especially the North-South corridor. The move aims to improve trade flows and create smoother transportation conditions for goods traveling through both countries.
The Houthis, ruling northern Yemen, have claimed responsibility for the seventh drone attack on the US aircraft carrier USS Harry Truman since its arrival in the Red Sea. The group also warned it is monitoring developments in the Gaza Strip.
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