Only a few months ago, the news coming from a mega event in Gujarat assured us that India is not only going to achieve but surpass the 500 GW from non-fossil fuel capacity target set for 2030. The general mood has turned quite the opposite after the UN Climate Change Conference (COP29) fiasco on climate finance targets committed for transfer from the developed countries. The media reports of 55GW of awarded renewable energy (RE) capacity…
At COP29 held in Baku, Azerbaijan, a key milestone in climate governance was reached with the operationalisation of international carbon market governance. This progress is significant as it marks the first time that carbon credit trading systems have been formalized under the Paris Agreement’s Article 6, which allows countries to voluntarily trade emission reductions. The conference established critical mechanisms for authorizing carbon credit transactions, managing registries, and ensuring technical reviews on environmental and human rights…
The COP29 summit in Baku, Azerbaijan, concluded with the adoption of the Baku Finance Goal (BFG), which commits developed nations to mobilize $300 billion annually by 2035 and aims for $1.3 trillion in long-term climate finance for developing countries. The agreement also finalized Article 6 negotiations, enabling high-integrity carbon markets expected to generate $1 trillion annually by 2050. India rejected the deal, deeming it inadequate and inequitable, citing its failure to meet the $1.3 trillion…
The 22-nation Arab Group, led by Saudi Arabia, has opposed any United Nations Climate Change Conference (COP29) agreement that targets fossil fuels, according to The New Arab. Saudi representative Albara Tawfiq stated that the bloc would reject any language singling out fossil fuels in the climate negotiations held in Baku, Azerbaijan. The talks, focused on climate finance for developing nations, have reignited debates over transitioning from fossil fuels. Developed nations and climate-vulnerable countries are urging…
India has strongly opposed the adoption of a $300 billion annual climate finance package for the Global South by 2035 at the UN climate conference COP29 in Baku, Azerbaijan. India argued the package is inadequate compared to the $1.3 trillion annually that the Global South has demanded to combat climate change impacts and transition to low-carbon economies. Developed countries, historically the largest emitters of greenhouse gases, are expected to finance, provide technology, and support capacity-building…
On November 16, 2024, ACWA Power signed a binding Implementation Agreement (IA) with Uzbekistan’s Ministry of Energy to develop up to 2 GWh of standalone Battery Energy Storage Systems (BESS) across the country. The agreement was formalized during COP29 in Baku, Azerbaijan, in the presence of Uzbek President Shavkat Mirziyoyev, Azerbaijani President Ilham Aliyev, and Saudi Energy Minister Prince Abdulaziz bin Salman. The IA builds on a Memorandum of Understanding (MoU) signed earlier in May…
The UK and US have announced a partnership at COP29 in Baku, Azerbaijan, to advance nuclear technologies aimed at industrial decarbonisation and energy security. UK Energy Secretary Ed Miliband and US Deputy Secretary of Energy David Turk signed an agreement to fund billions of pounds in nuclear research and development, engaging leading academic institutions and innovators from both nations. The UK will lead an international forum to promote information-sharing on advanced nuclear technologies, with a…
Masdar has signed an investment agreement with W Solar, Qazaq Green Power, and the Kazakhstan Investment Development Fund to develop a 1 GW wind farm in Kazakhstan’s Jambyl region, marking Masdar’s first project in the country. The project includes a 600 MWh battery storage system to enhance grid stability. Construction of the wind facility is set to begin in Q1 2026, supporting Kazakhstan’s energy transition goals to reach 15% renewable capacity by 2030 and 50%…
During the World Climate Action Summit at COP29, six countries—El Salvador, Kazakhstan, Kenya, Kosovo, Nigeria, and Türkiye—endorsed the global commitment to triple nuclear energy capacity by 2050, bringing the total to 31 signatory nations. Initiated by France with 20 countries at COP28, the pledge underscores nuclear energy’s critical role in limiting global warming to 1.5°C per the Paris Agreement. World Nuclear Association (WNA) Director-General Sama Bilbao y León celebrated the new signatories, emphasizing nuclear energy’s…
At COP29 in Baku, Azerbaijan, leading multilateral development banks (MDBs) announced plans to collectively mobilize $120 billion annually in climate financing for low- and middle-income countries by 2030, with $42 billion dedicated to adaptation. The private sector is expected to contribute an additional $65 billion each year. High-income countries are set to receive $50 billion annually in climate finance, including $7 billion for adaptation. The MDBs exceeded their 2025 climate finance projections by a 25%…