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.
Armenian Prime Minister Nikol Pashinyan has confirmed that fuel imports from Azerbaijan have resumed, saying the market is open to all businesses and ...
Iran’s Commander-in-Chief of Army, Major General Amir Hatami has warned against hostile rhetoric from U.S. and Israeli officials. “Iran considers ...
China has begun exporting a rapid blackout recovery technology designed to restore electricity in just 0.1 seconds, offering power grid protection to ...
Türkiye says it's prepared a self-sustaining international stabilisation force for Gaza and has already begun training, Defence Minister Yaşar Güle...
Turkish President Recep Tayyip Erdogan has dismissed reports that Nicolas Maduro, Venezuela’s toppled leader, was previously offered asylum in Türk...
At the end of last year, U.S. President Donald Trump was reported to have raised the Azerbaijan–Armenia peace agenda during a conversation with Israel’s prime minister, warning that if peace were not achieved, Washington could raise tariffs on both countries by 100 percent.
Russia must accept responsibility for the Azerbaijan Airlines crash near Aktau that killed 38 people, Azerbaijani MP Tural Ganjali has said. His comments come as Azerbaijan marks the first anniversary of the disaster, which occurred on 25 December 2024.
As the year draws to a close, Central Asia has taken a significant step towards deeper regional integration by formally bringing Azerbaijan into its decision-making framework. The move signals a broader shift towards political and economic coordination across Eurasia.
Azerbaijani non-governmental organisations have called on U.S. President Donald Trump to reject an appeal by the U.S.-based Lemkin Institute for Genocide Prevention. The appeal urges Washington to pressure Azerbaijan to release detainees of Armenian origin, including Ruben Vardanyan.
Open-source intelligence (OSINT) sources reported a significant movement of U.S. military aircraft towards the Middle East in recent hours. Dozens of U.S. Air Force aerial refuelling tankers and heavy transport aircraft were observed heading eastwards, presumably to staging points in the region.
Snow and ice stalled travellers in northwest Europe on Wednesday, forcing around a thousand to spend the night in Amsterdam's Schiphol airport but delighting others who set out to explore a snow-blanketed Paris on sledges and skis.
Diplomatic tensions between Tokyo and Beijing escalated as Japan slams China's export ban on dual-use goods. Markets have wobbled as fears grow over a potential rare earth embargo affecting global supply chains.
Two people have been killed after a private helicopter crashed at a recreation centre in Russia’s Perm region, Russian authorities and local media have said.
Iran’s chief justice has warned protesters there will be “no leniency for those who help the enemy against the Islamic Republic”, as rights groups reported a rising death toll during what observers describe as the country’s biggest wave of unrest in three years.
The 240-megawatt Khizi-Absheron Wind Power Plant has been inaugurated in Azerbaijan on Thursday (8 Jan) by President Illham Aliyev, who described the launch as a landmark moment for Azerbaijan's energy sector. It's the first large-scale, independently developed wind energry project in the country.
A mountain gorilla has given birth to twins in war‑torn eastern Democratic Republic of Congo (DRC), a national park said on Wednesday, calling the event “a major event” for the endangered subspecies.
Experts say COP30 failed to deliver concrete commitments on fossil fuels and deforestation despite high expectations.
Snow and ice caused travel chaos in northwest Europe on Wednesday, while others were delighted by the snow-covered streets of Paris, venturing out on sledges and skis.
Emergency services across southeastern Australia have been placed on high alert as a blistering air mass pushes temperatures to dangerous extremes, reviving painful memories of the nation's catastrophic fire seasons of the past decade.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment