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.
One of the region’s largest innovation events, “Baku ID-2025”, has officially kicked off in Baku. Organized by SABAH.HUB in partnership with government agencies and leading representatives of the private sector, this year’s festival is held under the theme “The Regional Nexus”.
The 65th General Assembly of the Parliamentary Assembly of the Black Sea Economic Cooperation (PABSEC) convened in Baku on 18 June, bringing together parliamentary delegations and international representatives to discuss regional cooperation and sustainable development.
The International Symposium of Ombudsmen, titled "Strengthening the Rule of Law: The Role of Ombudsmen and National Human Rights Institutions", began in Baku on June 18.
Peace is no longer a dream. It is a discussion. On the streets of Baku and Yerevan, it is also a question, of trust, of foreign interests, and of who truly wants it.
Azerbaijan Airlines (AZAL) has cancelled certain flights scheduled for 13th and 14th June amid recent escalation of situation in the Middle East and the closure of airspace in several countries for security reasons.
UN High Commissioner for Refugees Filippo Grandi has warned that global refugee protection is facing unprecedented threats, with more than 122 million people forcibly displaced amid ongoing conflicts and shrinking humanitarian aid.
A new freight route connecting eastern China to Azerbaijan via Turkmenistan has officially been launched, marking a significant expansion of the Trans-Caspian International Transport Corridor, also known as the Middle Corridor.
Tesla has secured a major agreement to build its first grid-scale battery storage station in China, local media outlet Yicai reported Friday.
In what experts are calling the most extensive data breach in digital history, nearly 16 billion user records have been compromised globally, according to a new investigative report by Cybernews.
Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), will visit Kazakhstan on 23–24 June 2025 for meetings with senior government officials and business leaders.
Iranian missiles struck multiple locations across Israel and neighbouring regions early Friday morning, including a Microsoft office complex, according to emergency responders and local media reports.
Peace is no longer a dream. It is a discussion. On the streets of Baku and Yerevan, it is also a question, of trust, of foreign interests, and of who truly wants it.
Israeli strikes have reportedly targeted areas near the residences of Iran’s Supreme Leader Ayatollah Ali Khamenei and President Masoud Pezeshkian, according to the New York Times, citing local witnesses.
A high-speed tram derailment in central Gothenburg, Sweden, has left at least eight people injured late on Thursday (19 June), after the vehicle slammed into a snack bar on Avenyn Avenue.
The 2025 G7 Leaders’ Summit was held June 15–17 in Kananaskis, Alberta, under Canada’s presidency. Prime Minister Mark Carney framed the meeting around priorities of protecting communities, energy and climate security, the digital transition, and future partnerships.
A 32°C heatwave expected to grip England has been made a 100 times more likely by human-caused climate change, according to a rapid scientific analysis released Thursday.
In 19 EU countries, the share of renewable energy sources in net electricity generation decreased in the first quarter of 2025 compared with the first quarter of 2024. The largest drops were recorded in Greece (-12.4%), Lithuania (-12.0%) and Slovakia (-10.6%).
The first side event of the Global South NGO Platform, initiated by Azerbaijan, was held in Bonn, Germany this week.
Egypt’s first integrated solar and battery storage plant will deliver dispatchable clean energy, enhance grid stability and manage peak demand. The project is expected to generate approximately 3,000 GWh of clean energy and avoid up to 1.4 million metric tonnes of emissions per year.
UK Chancellor of the Exchequer, the Rt Hon Rachel Reeves, has announced a record £2.5 billion in additional funding this week to advance the development of the world’s first fusion power plant.
UN High Commissioner for Refugees Filippo Grandi has warned that global refugee protection is facing unprecedented threats, with more than 122 million people forcibly displaced amid ongoing conflicts and shrinking humanitarian aid.
A new freight route connecting eastern China to Azerbaijan via Turkmenistan has officially been launched, marking a significant expansion of the Trans-Caspian International Transport Corridor, also known as the Middle Corridor.
Tesla has secured a major agreement to build its first grid-scale battery storage station in China, local media outlet Yicai reported Friday.
In what experts are calling the most extensive data breach in digital history, nearly 16 billion user records have been compromised globally, according to a new investigative report by Cybernews.
Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), will visit Kazakhstan on 23–24 June 2025 for meetings with senior government officials and business leaders.
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