BAKU, Azerbaijan, October 15. The EU Environment Council has released a new document in which it stated that the EU is prepared to provide support for a global climate financing goal that is effective, achievable, and ambitious at the upcoming 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29). The EU also encourages the development of robust climate plans to ensure that the objective of limiting global warming to 1.5 °C remains attainable, Trend reports.
"During a meeting on the evening of October 14 in Luxembourg, we approved conclusions that will serve as the EU's common position for negotiations at COP29, which will be held in Baku from November 11-22, 2024," the EU website notes.
The EU Environment Council advocates for an ambitious and balanced approach at COP29, believing that the temperature reduction goal is achievable and will promote long-term sustainability. This will be reflected in the Climate Finance – New Collective Quantified Goal (NCQG), which will be discussed during the conference.
"The ambitious yet balanced text adopted by the EU Environment Council, based on consensus among EU member states, will act as the EU's roadmap at COP29 in Baku. The EU will continue to play a leading role in international efforts to mitigate global warming, calling for solidarity with vulnerable countries and communities in this collective fight, as climate change spares no nation, territory, or region," Minister of State for Environment and Circular Economy of Hungary (the country currently holds the Presidency of the Council of the European Union), Anikó Raisz, said at the meeting of EU Environment Ministers in Luxembourg.
The EU believes the NCQG should be developed using a broad, transformative, and multi-level approach, incorporating various funding streams and a wider group of investors.
"In this context, the EU Environment Council reiterates that public finance alone cannot provide the necessary funding levels required to achieve a climate-neutral and sustainable global economy. Private investments must contribute the majority of the needed funding for the transition to a green economy," the EU statement noted.
Additionally, EU countries assert that nationally determined contributions (NDCs) should include macroeconomic and absolute emissions reduction targets that encompass all greenhouse gases.
"The specialized EU Council emphasizes the urgent need to scale up efforts to mitigate climate change impacts and calls on all parties to enhance integration and implementation of climate adaptation measures and resilience," the EU material says.
Moreover, EU member states recognize the importance of a fair, orderly, and equitable transition from fossil fuels to green energy, accelerating actions in this decade to achieve net-zero emissions by the year 2050.
Notably, the COP convenes annually to establish climate goals and responsibilities, while also identifying and assessing strategies to address climate change.
The EU and its member states are parties to the Convention, which comprises a total of 198 participants (197 countries plus the EU as a single entity).
"At these international climate summits, the EU shares the rotating presidency of the Council with the European Commission. The recently concluded COP28 marked the completion of the first global review of the international community's efforts to tackle climate change under the Paris Agreement, aimed at keeping global temperatures within one and a half degrees Celsius. COP29 is set to finalize the creation of an enhanced transparency framework and highlight the vital role of finance in achieving climate goals, including the establishment of a new global target for climate financing," the EU noted.
