World
‘Optical illusion’: Key takeaways from COP29
Rich countries have pledged to contribute $300bn a year by 2035 to help poorer nations combat the effects of climate change after two weeks of intense negotiations at the United Nations climate summit (COP29) in Azerbaijan’s capital, Baku.
While this marks a significant increase from the previous $100bn pledge, the deal has been sharply criticised by developing nations as woefully insufficient to address the scale of the climate crisis.
This year’s summit, hosted by the oil and gas-rich former Soviet republic, unfolded against the backdrop of a looming political shift in the United States as a climate-sceptic Donald Trump administration takes office in January. Faced with this uncertainty, many countries deemed the failure to secure a new financial agreement in Baku an unacceptable risk.
Here are the key takeaways from this year’s summit:
‘No real money on the table’: $300bn climate finance fund slammed
While a broader target of $1.3 trillion annually by 2035 was adopted, only $300bn annually was designated for grants and low-interest loans from developed nations to aid the developing world in transitioning to low-carbon economies and preparing for climate change effects.
Under the deal, the majority of the funding is expected to come from private investment and alternative sources, such as proposed levies on fossil fuels and frequent flyers – which remain under discussion.
“The rich world staged a great escape in Baku,” said Mohamed Adow, the Kenyan director of Power Shift Africa, a think tank.
“With no real money on the table, and vague and unaccountable promises of funds to be mobilised, they are trying to shirk their climate finance obligations,” he added, explaining that “poor countries needed to see clear, grant-based, climate finance” which “was sorely lacking”.
The deal states that developed nations would be “taking the lead” in providing the $300bn – implying that others could join.
The US and the European Union want newly wealthy emerging economies like China – currently the world’s largest emitter – to chip in. But the deal only “encourages” emerging economies to make voluntary contributions.
Failure to explicitly repeat the call for a transition away from fossil fuels
A call to “transition away” from coal, oil, and gas made during last year’s COP28 summit in Dubai, the United Arab Emirates, was touted as groundbreaking – the first time that 200 countries, including top oil and gas producers like Saudi Arabia and the US, acknowledged the need to phase down fossil fuels. But the latest talks only referred to the Dubai deal, without explicitly repeating the call for a transition away from fossil fuels.
Azerbaijan’s President Ilham Aliyev referred to fossil fuel resources as a “gift from God” during his keynote opening speech.
New carbon credit trading rules approved
New rules allowing wealthy, high-emission countries to buy carbon-cutting “offsets” from developing nations were approved this week.
The initiative, known as Article 6 of the Paris Agreement, establishes frameworks for both direct country-to-country carbon trading and a UN-regulated marketplace.
Proponents believe this could channel vital investment into developing nations, where many carbon credits are generated through activities like reforestation, protecting carbon sinks, and transitioning to clean energy.
However, critics warn that without strict safeguards, these systems could be exploited to greenwash climate targets, allowing leading polluters to delay meaningful emissions reductions. The unregulated carbon market has previously faced scandals, raising concerns about the effectiveness and integrity of these credits.
Disagreements within the developing world
The negotiations were also the scene of disagreements within the developing world.
The Least Developed Countries (LDCs) bloc had asked that it receive $220bn per year, while the Alliance of Small Island States (AOSIS) wanted $39bn – demands that were opposed by other developing nations.
The figures did not appear in the final deal. Instead, it calls for tripling other public funds they receive by 2030.
The next COP, in Brazil in 2025, is expected to issue a report on how to boost climate finance for these countries.
Who said what?
EU Commission President Ursula von der Leyen hailed the deal in Baku as marking “a new era for climate cooperation and finance”.
She said the $300bn agreement after marathon talks “will drive investments in the clean transition, bringing down emissions and building resilience to climate change”.
US President Joe Biden cast the agreement reached in Baku as a “historic outcome”, while EU climate envoy Wopke Hoekstra said it would be remembered as “the start of a new era for climate finance”.
But others fully disagreed. India, a vociferous critic of rich countries’ stance in climate negotiations, called it “a paltry sum”.
“This document is little more than an optical illusion,” India’s delegate Chandni Raina said.
Sierra Leone’s Environment Minister Jiwoh Abdulai said the deal showed a “lack of goodwill” from rich countries to stand by the world’s poorest as they confront rising seas and harsher droughts. Nigeria’s envoy Nkiruka Maduekwe called it “an insult”.
Is the COP process in doubt?
Despite years of celebrated climate agreements, greenhouse gas emissions and global temperatures continue to rise, with 2024 on track to be the hottest year recorded. The intensifying effects of extreme weather highlight the insufficient pace of action to avert a full-blown climate crisis.
The COP29 finance deal has drawn criticism as inadequate.
Adding to the unease, Trump’s presidential election victory loomed over the talks, with his pledges to withdraw the US from global climate efforts and appoint a climate sceptic as energy secretary further dampening optimism.
‘No longer fit for purpose’
The Kick the Big Polluters Out (KBPO) coalition of NGOs analysed accreditations at the summit, calculating that more than 1,700 people linked to fossil fuel interests attended.
A group of leading climate activists and scientists, including former UN Secretary-General Ban Ki-moon, warned earlier this month that the COP process was “no longer fit for purpose”.
They urged smaller, more frequent meetings, strict criteria for host countries and rules to ensure companies showed clear climate commitments before being allowed to send lobbyists to the talks.
World
US tells ASML it is concerned China may have top chip tool, Bloomberg News reports
World
Iran hardliner behind US deal warns Tehran won’t honor agreement if Trump fails to deliver
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Iran’s hardline parliament speaker and key negotiator Mohammad Bagher Ghalibaf warned that Tehran would not honor its commitments under a newly signed memorandum with the U.S. if Washington fails to uphold its side of the deal, according to the media arm of Iran’s Islamic Revolutionary Guard Corps.
“If the United States does not honor its commitments, there is no way Iran will honor its own commitments,” Ghalibaf said.
Ghalibaf’s warning was echoed Thursday by Islamic Revolutionary Guard Corps Quds Force commander Esmail Qaani, who threatened the U.S. in remarks translated by MEMRI TV, saying, “Americans should know their place and avoid confronting the Muslims.”
Qaani added that “Trump is trembling” and warned that the U.S. “should fear not only Hormuz and Bab al-Mandeb, but many other locations as well.”
MEET IRAN’S HARDLINE SPEAKER WHO THREATENED TO BURN US FORCES — REPORTEDLY TEHRAN’S POINT MAN FOR TALKS
The warnings came after President Donald Trump and Iranian President Masoud Pezeshkian Wednesday digitally signed a copy of the memorandum aimed at ending the war and resuming the flow of traffic through the Strait of Hormuz.
Iran’s hardline parliament speaker and key negotiator Mohammad Bagher Ghalibaf warned that Tehran would not honor its commitments under a newly signed memorandum with the U.S. if Washington fails to uphold its side of the deal. (Majid Asgaripour/WANA)
The memorandum gives Iran major economic relief while leaving some of the most difficult nuclear questions for a final agreement to be negotiated throughout the next 60 days. Under the 14-point plan read by a senior U.S. official, Washington agreed to begin lifting its naval blockade, work with regional partners on a $300 billion reconstruction and development plan for Iran and terminate U.S., U.N. and other sanctions on an agreed schedule as part of a final deal.
The memorandum also says all licenses, waivers and permissions needed for related financial transactions would be granted by the United States.
In return, Iran reaffirmed that it “shall not procure or develop nuclear weapons,” and the sides agreed to resolve the fate of Iran’s stockpiled enriched material under a future mechanism, with the minimum method being on-site down-blending under International Atomic Energy Agency supervision.
The agreement defers many of the hardest questions — including how to wind down Iran’s nuclear program — until the 60-day negotiation period for a final deal.
But the Iranian figure at the center of the deal is not a diplomat known for moderation.
Ghalibaf, a former Islamic Revolutionary Guard Corps commander and longtime regime insider, has threatened American forces, vowed Trump would “pay the price” and built his career through loyalty to Iran’s security establishment.
The new warning underscored what experts say is the central risk of the agreement. Washington may be entering a deal with officials who can enforce Iran’s commitments but who have shown little sign of changing the regime’s long-term posture toward the U.S., Israel or the region.
Ghalibaf, 64, is a product of Iran’s security establishment. He rose through the ranks of the Islamic Revolutionary Guard Corps during the Iran-Iraq War, eventually becoming commander of the Islamic Revolutionary Guard Corps air force.
He later served as Iran’s national police chief, overseeing internal security forces responsible for suppressing protests, including the 1999 student uprising, alongside Qassem Soleimani.
After transitioning into politics, Ghalibaf attempted to run for president multiple times but failed. He instead built his career through loyalty to the system, serving as Tehran’s mayor for more than a decade before becoming speaker of parliament in 2020.
FAMILIES OF IRAN’S ELITE LIVE LAVISHLY ABROAD WHILE ORDINARY CITIZENS SUFFER AT HOME
Iranian Parliament Speaker Mohammad Bagher Ghalibaf looks on as parliament members wearing military uniforms chant in support of the IRGC in Tehran, Iran, on Feb. 1, 2026. (Hamed Malekpour/Islamic consultative assembly news agency/WANA/Handout via Reuters)
“Ghalibaf doesn’t have an independent line. His strength is that he is a ‘yes man,’” Beni Sabti, an Iran expert at the Institute for National Security Studies, previously told Fox News Digital. “If he is told to shake hands with special envoy Steve Witkoff, he will do it. If he is told to escalate, he will. It is not about moderation, it is about who gives the orders.”
“His name has also been linked to multiple corruption allegations, including misuse of oil revenues and sanctions evasion networks involving his family. His sons have reportedly been involved and are under sanctions,” Sabti said.
“There have also been public scandals involving family members traveling abroad and making luxury purchases, including widely circulated images of them arriving with numerous high-end Gucci suitcases.”
Behnam Ben Taleblu, a senior fellow at the Foundation for Defense of Democracies, said the image of Ghalibaf at a signing ceremony with a senior U.S. official would be a propaganda victory for the regime.
“There was a time when the Islamic Republic would have been terrified to be seen signing such a thing,” Ben Taleblu told Fox News Digital. “Postwar, this is a sign of the regime’s opportunism, and no one identifies that opportunism better than someone like Ghalibaf, who comes from the IRGC, who is a corrupt politician and is a wheeler and dealer.”
But Taleblu warned that Washington should not confuse Ghalibaf’s opportunism with moderation.
“The mirage is the myth of Iranian military moderation and the myth that, with time, this regime will integrate and put aside all the things that have kept it on the sidelines for so long,” he said. “Transforming Iran via a deal — that is a huge lift.”
Ghalibaf’s wartime statements reflect the hardline posture inside Iran’s leadership. In remarks aired on Iranian television Jan. 12 and translated by MEMRI, he warned that U.S. forces would face catastrophic consequences if they confronted Iran.
“Come, so you can see what catastrophe befalls American bases, ships and forces,” he said, adding that American troops would be “burned by the fire of Iran’s defenders.”
TRUMP ADMINISTRATION UNVEILS SWEEPING TERMS OF PROPOSED IRAN AGREEMENT
A man lights a cigarette with fire from a burning picture of Iranian Parliament Speaker Mohammad Bagher Ghalibaf as Israelis rally in support of nationwide protests in Iran in Holon, Israel, on Jan. 14, 2026. (Ammar Awad/Reuters)
More recently, he warned that “the blood of American soldiers is the personal responsibility of Trump” and vowed Iran would “settle accounts with the Americans and Israelis,” adding that “Trump and Netanyahu crossed our red lines and will pay the price.”
John Hannah, a senior fellow at the Jewish Institute for National Security of America and a former national security advisor to Vice President Dick Cheney, said Ghalibaf’s expected role reflects the reality of who holds power inside Iran.
“If you’re going to sign an agreement with Iran, those are the forces in charge and calling the shots, presumably with the approval of the new supreme leader,” Hannah told Fox News Digital. “If the U.S. harbors hope that Iran will ever implement any of their obligations under the MOU, these are the people — odious as they are — capable of making it happen.”
But Hannah said the central question is whether Iran’s leadership sees compliance as useful or whether the agreement is simply a tactical pause.
“The big question is whether they see it in their interest to do so, or are they only buying time, rebuilding their power and preparing for the next round of conflict,” he said.
Ben Taleblu was even more blunt, warning that even a seemingly favorable agreement would not change the nature of the regime.
“Even if you’ve got the perfect deal, with this kind of regime, with this kind of mentality, they will escalate,” he said. “I thought we would have learned by now what the regime did after the JCPOA. It built a vast missile arsenal. It literally built an empire of terror proxies that took Israel years of blood, effort and money to dismantle, backed by American support.
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Iranian Parliament Speaker Mohammad Bagher Ghalibaf speaks during a press conference in Tehran, Iran, Nov. 27, 2024. (Majid Asgaripour/WANA via Reuters)
“If we engage in pay-to-play with these guys,” he added, “I’m sorry to sound the alarm bell like this — but something tells me this is bad either way.”
Responding to questions about the threats from Ghalibaf and IRGC Quds Force commander Esmail Qaani, the White House defended Trump’s approach and warned Iran would face consequences if it failed to reach a final deal.
“President Trump has a great track record of good deals for the American people, and the President has been clear about the consequences if Iran fails to make a good, final deal,” White House spokeswoman Olivia Wales told Fox News Digital.
“What the president has achieved on the battlefield and at the negotiating table is nothing short of remarkable and will strengthen American security for many years to come.”
World
US-Iran talks postponed as Israel attacks Lebanon
Tehran holds back from talks to cement ceasefire due to ongoing Israeli attacks on southern Lebanon.
Published On 19 Jun 2026
Planned talks in Switzerland between the United States and Iran to discuss the technical terms of their ceasefire deal have been postponed.
The Swiss Foreign Ministry confirmed early on Friday that the talks, which were scheduled to take place in Burgenstock, would now not go ahead.
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Reports suggest that Iran has delayed sending its delegation to discuss the technical issues linked to the ceasefire deal – digitally signed by the two countries on Wednesday – due to Israel’s ongoing military campaign in Lebanon.
Israeli strikes overnight and into Friday have reportedly killed at least 16 people in southern Lebanon, with Iran-linked Hezbollah reporting intense fighting.
Talks postponed
A ceremony followed by talks was expected to be held at the Burgenstock Resort in Stansstad, near Lucerne in central Switzerland.
It is owned by Katara Hospitality, part of Qatar’s sovereign wealth fund, which helped mediate peace in the conflict.
On Friday, in a message to media outlet AFP, the Swiss foreign ministry said: “The planned talks between the US, Iran, Qatar and Pakistan have been postponed”.
“Switzerland remains ready to facilitate these talks. The relevant preparatory work at Burgenstock is continuing,” it added, without providing a new date for the talks.
The announcement followed a report from media outlet Al-Mayadeen that Iran was delaying sending its delegation to Switzerland over Israel’s ongoing military campaign in Lebanon.
Israeli Prime Minister Benjamin Netanyahu said Thursday that Israel’s military will stay in a “security zone” of southern Lebanon as long as “Israel’s security needs require it.”
Israel and Hezbollah are not parties to the agreement, but Iran has insisted Israel must withdraw from the large swath of southern Lebanon it is occupying.
Logistics have never been ‘simple or predictable’
The US push to quickly begin high-stakes talks with Iran hit a snag just two days after the signing of a 14-point memorandum of understanding with the US that sets out a framework for talks during a 60-day negotiation period.
Vice President JD Vance had been prepared to make an overnight flight to meet with his Iranian counterparts at the mountainside resort in the tiny Swiss village of Obburgen.
His staff and a small pack of journalists had even gathered at Joint Base Andrews outside Washington in anticipation of the trip.
Meanwhile, dozens of White House officials, advance staffers and more media gathered in Switzerland to prepare for Vance’s anticipated arrival.
But then, abruptly on Thursday evening, the trip was called off.
The White House issued a statement explaining Vance – who has been tapped by President Donald Trump to lead the negotiations – and his delegation were prepared for talks, but they were unable to finalise plans and the vice president would remain in Washington.
“The logistics of these negotiations have never been simple or predictable,” the statement noted.
Also on Thursday, Pakistan’s Prime Minister Shehbaz Sharif cancelled his trip to Switzerland, his spokesperson told AFP.
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