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.
Iran’s parliamentary speaker said on Wednesday regional countries alone should determine the Middle East’s political and security order, rejecting...
Ukraine said its forces had struck key energy installations inside Russia, including a gas processing plant and a helium facility in the Orenburg regi...
Another opposition-linked figure has been detained in Armenia following the country's parliamentary elections. Avetik Chalabyan, coordinator of the na...
Critical minerals are becoming a key battleground in the growing economic rivalry between the G7 and China, as governments seek to secure supplies vit...
An unusual weather pattern known as an omega block is at the heart of the extreme heat sweeping across Europe. The phenomenon can trap hot air over th...
France has continued activities that undermine the Azerbaijan-Armenia peace process, including espionage and information campaigns targeting Baku, according to Azerbaijan’s State Commission Against Foreign Interference and Hybrid Threats.
Armenia’s National Assembly election on 7 June is increasingly being viewed not only as a domestic political contest, but also as a vote that could shape the future direction of the South Caucasus.
Widely recognised as the world’s oldest oil exporter, Azerbaijan will showcase its renewed efforts to combat climate change on Friday as it hosts the 2026 World Environment Day conference in partnership with the UN.
As geopolitical alignments across Eurasia continue to evolve, U.S. engagement in the South Caucasus is once again drawing attention, particularly in relation to Azerbaijan, Armenia, and the broader regional peace process.
At least thirteen people have died and sixty-six have been injured following an explosion at Qatar's main liquefied natural gas (LNG) processing hub at Ras Laffan, authorities said on Sunday.
Tehran has agreed to let the International Atomic Energy Agency (IAEA) recommence inspections of its nuclear programme, U.S. Vice President JD Vance has said. The U.S. and Iran have settled on a 60-day roadmap aimed at reaching a final deal, according to mediators Qatar and Pakistan.
A Ukrainian strike has damaged a school building in a Russian-controlled area of Ukraine’s Zaporizhzhia region, according to local authorities cited by the TASS news agency. No injuries were reported in the incident.
U.S. President Donald Trump said that Iran had agreed to nuclear inspections into "infinity, despite Tehran's denials, and that unfrozen Iranian assets would be used to buy humanitarian supplies from the United States.
Iran’s parliamentary speaker said on Wednesday regional countries alone should determine the Middle East’s political and security order, rejecting external involvement and calling for expanded intra-regional cooperation.
Major technology, telecom, aviation and crypto-related firms have pledged to strengthen cooperation to tackle the illegal wildlife trade according to statements made at a business forum convened by United for Wildlife during London Climate Action Week.
Scientists have identified almost 166,000 square kilometres of coral reefs worldwide that appear capable of surviving and recovering from the impacts of climate change, offering new hope for some of the planet's most vulnerable marine ecosystems.
Australia's weather bureau warned on Tuesday that an El Niño weather pattern has formed in the tropical Pacific and could intensify in the second half of 2026, becoming one of the strongest events recorded in seven decades.
France’s parliament has formally recognised state responsibility for the use of the toxic pesticide chlordecone in Martinique and Guadeloupe, marking a significant step in addressing decades of environmental contamination and public health concerns.
Financial markets are significantly underestimating the economic impact of biodiversity loss, potentially leaving countries exposed to sovereign debt crises and rising borrowing costs, according to new research published on Friday.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment