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COP29: Summit Ends With $300bn A Year Climate Finance Deal For Developing Nations
World leaders at the UN conference of parties (COP29) have agreed on a new finance deal of $300 billion a year after days of intense negotiations.
The high-level climate event which went into overtime left many developing countries disappointed with the outcome.
Developing countries had been vocal about their demand for a $1.3 trillion funding to help vulnerable countries adapt to the impacts of climate change.
The Alliance of Small Island States and Least Developed Countries had staged a walkout during a finance meeting at the conference on Saturday.
The walkout was to protest the new collective quantified goal (NCQG) of $300 billion proposed by developing countries.
Speaking during the closing plenary, Simon Stiell, the executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC), urged countries to fulfill their pledges.
Stiell added that although not all nations reached their intended goals, the outcome leaves the parties with a pressing task ahead.
“This new finance goal is an insurance policy for humanity, amid worsening climate impacts hitting every country. But like any insurance policy – it only works – if premiums are paid in full, and on time. Promises must be kept, to protect billions of lives,” Stiell said.
“No country got everything they wanted, and we leave Baku with a mountain of work to do.
“The many other issues we need to progress may not be headlines but they are lifelines for billions of people.”
Antonio Guterres, United Nations (UN) secretary-general, said he had envisioned a bold and ambitious outcome, noting that the newly forged deal serves as a foundational stepping stone.
“I had hoped for a more ambitious outcome – on both finance and mitigation – to meet the great challenge we face. But this agreement provides a base on which to build,” Guterres said.
Reacting to the new NCQG, Mohammed Adow, director of Power Shift Africa, said it is a betrayal of the planet by rich countries.
“This COP has been a disaster for the developing world. It’s a betrayal of both people and planet, by wealthy countries who claim to take climate change seriously,” Adow said.
“Rich countries have promised to “mobilise” some funds in the future, rather than provide them now.
“At this ‘Finance COP’ not a single dollar of real climate finance has been provided right now.”
The new finance goal at COP29 builds on the efforts made at COP27, where nations agreed on the historic loss and damage fund, and COP28, which delivered a global agreement to transition from fossil fuels to boost climate resilience.
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Terror Surge: Tinubu Demands Results from Security Chiefs
President Bola Tinubu met with security chiefs, including Tunji Disu, the inspector-general of police (IGP) in a closed-door session on Thursday to address a series of “rising terror attacks” across the country.
The meeting followed an escalation in violence, including recent deadly raids in Benue, Plateau, and Borno states.
The nearly two-hour meeting, held at the State House in Abuja, began in the afternoon after the security chiefs arrived discreetly and ended around 5:10 p.m.
Those in attendance included Christopher Musa, minister of defence; Nuhu Ribadu, national security adviser (NSA); Adeola Ajayi, the director-general of the Department of State Services (DSS); and Olufemi Oluyede, chief of defence staff (CDS).
Others were Waidi Shaibu, the chief of army staff; Kelvin Aneke, chief of air staff; and Idi Abbas, chief of naval staff.
As of the time of filing this report, details of the meeting had yet to be issued by the presidency.
However, there are indications that the sit-down may centre around the rising terror attacks and intensified assaults on military outposts across Nigeria, particularly in the north-east, which culminated in the recent killing of several high-ranking officers.
On Monday, a commanding officer of the Nigerian Army was killed following an attack by suspected fighters of the Islamic State West Africa Province (ISWAP) on a military base in Kukawa, Borno state.
The attack came about a week after suspected Boko Haram and ISWAP fighters attempted to attack military positions in Ngoshe, Gwoza LGA of Borno.
On Tuesday, Nigerian troops repelled an early-morning attack by suspected ISWAP fighters on a military base in Doron Baga, Kukawa LGA of the state.
Speaking during an interfaith breaking of the fast with members of the Nigerian Armed Forces at the presidential villa in Abuja last Friday, Tinubu said the country would “ultimately prevail against all forms” of insecurity.
The president said the efforts of the security forces had continued to weaken terrorist groups and bandits operating in different parts of the country.
He assured the armed forces of continued investment in modern equipment, intelligence, and logistics to strengthen their operational effectiveness.
News
2027 Shakeup: 12 Lawmakers Defect To APC, ADC
In a major political shake-up on Thursday,12 members of the House of Representatives formally defected from their various political parties to the All Progressives Congress (APC) and the African Democratic Congress (ADC).
The Deputy Speaker, Benjamin Kalu, announced the defections during a plenary session, citing internal party crises and leadership disputes as the primary reasons for the lawmakers’ exit.
Of the 12 lawmakers who defected, six left the Peoples Democratic Party for the APC. Five members abandoned the Labour Party and the PDP for the ADC, while one member moved from the Young Progressives Party to the ADC.
The development has heightened concerns about growing instability within political parties ahead of the 2027 general elections.
Those who defected from the PDP to the APC are James Barka (Adamawa), Kwamoti Bitrus Laori (Adamawa), Zakaria Nyampa (Adamawa), Kobis Thimnu (Adamawa), Midala Balami (Borno), and Mohammed Bargaja (Sokoto).
Lawmakers who defected to the ADC include Afam Victor Ogene (Anambra), Peter Aniekwe (Anambra), Lilian Orogbu (Anambra), Jessey Onakalusi (Lagos), and Murphy Osaro Omoruyi (Edo).
The Deputy Speaker of the House, Benjamin Kalu, who presided over plenary, disclosed that some other members had also written to the leadership of the House notifying it of their intention to leave their current parties.
He, however, said the letters and the destination parties of the lawmakers would not be disclosed in their absence.
While announcing the names of the defectors, Kalu said the reasons given by the lawmakers were similar to those previously cited by others who had defected. He added that the House would not read the letters during the session in order to save time.
According to him, the letters would only be read when the concerned lawmakers are present on the floor of the House.
During Wednesday’s plenary, Garba Inuwa and Abdullahi El-Rasheed from Gombe, as well as Mohammed Audu (Taraba) and Joshua Obika (FCT), defected to the APC, while Adewale Adebayo (Osun) left the PDP for the Accord Party.
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World War III Fears: Zelensky Reveals Warning To Trump
In a series of tense exchanges spanning late 2025 and early 2026, Ukrainian President, Volodymyr Zelensky has repeatedly warned Donald Trump and the international community that Russia’s invasion of Ukraine has already escalated into the beginning of World War III due to Russian aggression and its growing alliances.
While Zelensky has warned that Vladimir Putin’s actions are dragging the world into a global conflict, Trump has frequently flipped this narrative, accusing Zelensky of “gambling with World War Three” by refusing to make immediate concessions for a peace deal.
“I said that we would have World War III. The President (Trump) didn’t hear me…him with his guys,” Zelensky said in a televised interview on Wednesday.
“I’m not sure they (the United States) can estimate that Russia will support Iran with weapons, drones, and missiles. And—100 percent—it’s helping now with air defense.”
Pointing to the situation in his country, Zelensky said the next stage of the Iranian war could be troop deployment, saying there are 10,000 North Korean soldiers currently in Russia.
“Yes, they are on the territory of Russia, but they can come to Ukraine,” he presumed. “It can be the same with Iran; Russia can send troops.”
Zelensky said countries in the Middle East have remained neutral on the Ukrainian conflict because of their long history of economic relations with Moscow.
“They understand Russia is the aggressor but are not loud about it or strong on sanctions,” he said. “Now they are beginning to understand what it means to live under attacks.”
Reports in Western media suggest Russia is sharing drone warfare strategy learned in Ukraine with Iran, potentially boosting Tehran’s ability to hit U.S. and Gulf interests in the Middle East.
The war, now on Day 13, has affected at least a dozen countries, with no ceasefire indication in sight. The U.S. has struck thousands of targets and has not indicated boots on the ground.
“They (Iran) are pretty much at the end of the line,” President Trump said Wednesday night. “It doesn’t mean we’re going to end it immediately.”
