Twenty injured in Russian airstrike on Zaporizhzhia, Ukraine
Twenty people were injured when Russian forces launched guided aerial bomb strikes on the city of Zaporizhzhia, targeting the central bus station and ...
Azerbaijan is advancing its global climate leadership with an ambitious new initiative to expand climate financing to $1.3 trillion, in collaboration with Brazil, following the landmark COP29 summit held in Baku.
The announcement was made by Mukhtar Babayev, Special Representative of the President of Azerbaijan on Climate Issues and COP29 President, during the Baku Energy Forum.
The roadmap, titled “From Baku to Belém”, symbolizes a strategic bridge between COP29 and the upcoming COP30, which will be hosted in Belém, Brazil in 2026. Babayev emphasized that the initiative represents a new phase in international climate finance and underscores Azerbaijan's commitment to maintaining momentum on the global climate agenda.
“We are determined to uphold our leadership in climate diplomacy. The success of COP29 laid the foundation, and now we are inviting all international partners—governments, energy companies, and climate investors—to join us in this effort,” Babayev said.
From $300 Billion to $1.3 Trillion
COP29 had already marked a historic achievement with the mobilization of $300 billion in climate finance—the largest such financial commitment ever agreed under the UN climate negotiations framework. While some nations had pushed for even more substantial pledges, Babayev noted that the $300 billion target was a realistic compromise, sourced primarily from public funds and donor contributions.
The $1.3 trillion roadmap aims to dramatically expand this commitment by leveraging private sector investments, international financial institutions, philanthropic foundations, and South-South cooperation mechanisms. The plan aligns with global calls for scaled-up funding to support mitigation, adaptation, and loss-and-damage efforts, particularly in vulnerable and developing nations.
Strategic Partnership with Brazil
The cooperation with Brazil—a key player in both climate and biodiversity issues—highlights the strengthening of Global South alliances in addressing climate change. The roadmap is expected to feed into policy discussions and financing strategies at COP30 in Brazil.
Next Steps
As Azerbaijan solidifies its post-COP29 leadership, the government is expected to host further multilateral dialogues, investor summits, and sector-specific working groups in Baku in the lead-up to COP30. The “From Baku to Belém” initiative could serve as a cornerstone in redefining the scale and structure of international climate finance in the years ahead
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
A resumption of Iraq’s Kurdish oil exports is not expected in the near term, sources familiar with the matter said on Friday, despite an announcement by Iraq’s federal government a day earlier stating that shipments would resume immediately.
Chinese automaker Chery has denied an industry-ministry audit that disqualified more than $53 million in state incentives for thousands of its electric and hybrid vehicles, insisting it followed official guidance and committed no fraud.
Israeli Prime Minister Benjamin Netanyahu said Sunday that the conflict in Gaza will end once Hamas is disarmed and hostages are freed, unveiling a five-point plan for the territory’s future while accusing international media of spreading “Hamas lies.”
On 10 August, President of Ukraine Volodymyr Zelenskyy held a telephone conversation with President of the Republic of Azerbaijan Ilham Aliyev.
Armenia’s Deputy Foreign Minister Vahan Kostanyan has described the joint peace declaration signed with Azerbaijan in Washington as “historic” and an opportunity to advance normalisation with Türkiye.
More than 100,000 people filled the streets of Tel Aviv on Saturday night to oppose Prime Minister Benjamin Netanyahu’s plan to expand the nearly two-year Gaza war, demanding an immediate ceasefire and the release of hostages.
President Ilham Aliyev’s working visit to the United States featured high-level talks, landmark agreements, and a historic peace signing, marking a turning point in Azerbaijan’s relations with Washington and the wider South Caucasus.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment