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.
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.
President Donald Trump and U.K. Prime Minister Keir Starmer have reached a trade agreement that lowers U.S. tariffs on British autos, steel, and aluminum, while maintaining a 10% baseline tariff on other goods and boosting American exports of beef and ethanol.
Start your day informed with AnewZ Morning Brief: here are the top news stories for May 9th , covering the latest developments you need to know.
Italians gather to honour all who resisted fascism — including the forgotten Azerbaijani soldiers of Monte di Nese, each year. Their names may be lost, but their struggle for freedom is etched into the memory of this land.
Britain's King Charles has called on the world to work toward lasting peace and preventing future wars during a speech marking the end of four days of events celebrating the 80th anniversary of Victory in Europe (VE) Day.
Before becoming Pope Leo XIV, Cardinal Robert Prevost shared rare insights on faith, unity, and modern challenges in a few candid interviews.
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.
President Donald Trump and U.K. Prime Minister Keir Starmer have reached a trade agreement that lowers U.S. tariffs on British autos, steel, and aluminum, while maintaining a 10% baseline tariff on other goods and boosting American exports of beef and ethanol.
Start your day informed with AnewZ Morning Brief: here are the top news stories for May 9th , covering the latest developments you need to know.
Italians gather to honour all who resisted fascism — including the forgotten Azerbaijani soldiers of Monte di Nese, each year. Their names may be lost, but their struggle for freedom is etched into the memory of this land.
Britain's King Charles has called on the world to work toward lasting peace and preventing future wars during a speech marking the end of four days of events celebrating the 80th anniversary of Victory in Europe (VE) Day.
Before becoming Pope Leo XIV, Cardinal Robert Prevost shared rare insights on faith, unity, and modern challenges in a few candid interviews.
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