The twenty ninth UN Local weather Change Convention (COP29) is being held till 22 November 2024 in Baku. Underneath the presidency of Azerbaijan, the COP29 summit will deliver events collectively to speed up motion in direction of the Paris Settlement’s 1.5°C goal and the UN Framework Conference on Local weather Change. The convention will give attention to securing the numerous monetary investments wanted to scale back emissions and defend susceptible populations.
EU priorities
The EU is working with like-minded companions to safe a profitable end result at COP29. Within the local weather negotiations, the EU is pushing for much more motion throughout this essential decade, together with:
- Setting a brand new world objective on local weather finance with elevated private and non-private contributions to help growing international locations of their local weather actions
- Finishing the negotiations underneath Article 6 of the Paris Settlement on worldwide carbon markets
- Pursuing implementation of the COP28 commitments to transition away from fossil fuels, and push for extra bold Nationally Decided Contributions – international locations’ local weather motion plans which are to be delivered in 2025
- Progressing on adaptation insurance policies and world resilience to local weather change
EU local weather motion at dwelling
The European Inexperienced Deal is the EU’s progress technique, and we are going to keep the course on attaining its objectives and implement all laws. We’re aiming to remodel the EU into a good and affluent society with a contemporary and aggressive economic system, whereas attaining zero web greenhouse gasoline emissions by 2050. A brand new Clear Industrial Deal for Europe, set to be unveiled within the first 100 days of the brand new Fee mandate, will assist industries decarbonise and create new inexperienced jobs throughout the Union.
The EU local weather and vitality laws now in power has put the EU on observe to scale back EU web greenhouse gasoline emissions by at the very least 55% by 2030 and attain local weather neutrality by 2050. As a subsequent intermediate step, the European Fee will suggest a 90% web emissions discount goal for 2040, amending the European Local weather Regulation. Europe is delivering on its guarantees to form the inexperienced transition for the good thing about individuals, business and nature.
Workforce Europe’s contribution to world local weather finance
To deal with the local weather disaster, emissions should be diminished all over the place on the earth. The EU is partnering with growing international locations to offer them with the help they should mitigate and adapt to local weather change.
The EU, its Member States and the European Funding Financial institution are collectively the most important contributor of public local weather finance to growing economies. In 2023, they’ve contributed €28.6 billion in local weather finance from public sources and mobilised an extra quantity of €7.2 billion of personal finance.
The EU additionally stays dedicated to contributing in direction of the developed economies’ objective of collectively mobilising from completely different sources $100 billion per 12 months as much as 2025 to help our companions.
Moreover, the EU World Gateway technique is encouraging private and non-private funding in infrastructure, inexperienced vitality, schooling and analysis, as a method of attaining the UN Sustainable Developments Objectives and commitments of the Paris settlement.
€28.6 billion in local weather finance from public sources from the EU, member states and the European Funding Financial institution in 2023.
€7.2 billion mobilized in non-public finance.
Newest information
- Information article
- 8 November 2024
- Information article
- 15 October 2024
- Speech
- 22 March 2024
Keynote speech by Commissioner Hoekstra on local weather finance on the Copenhagen Ministerial
- Speech
- 9 December 2023
Remarks by Commissioner Hoekstra on the Excessive-Degree Phase for Heads of State and Authorities