(Finance) – Alla United Nations conference on the cclimate change COP29 of 11-22 November in Azerbaijanthe European Union will work with international partners to achieve the objectives ofParis Agreement of limitate the increase in average temperature global as close as possible to 1.5°C. The climate change it continues to be a problem that knows no borders and increasingly damages lives and livelihoods across Europe and the world. At COP 29, Parties to the Paris Agreement must ensure that global financial flows are increasingly aligned with the Paris Agreement, unlocking investment, through the adoption of a new Collective Quantitative Target (NCQG) on climate finance. The NCQG will be the main priority of this year’s negotiations.
THE’EU is currently the main provider of international climate financecontributing with 28.6 billion euros in public climate finance in 2023 and mobilizing an additional €7.2 billion in private finance to help developing countries reduce their greenhouse gas emissions and adapt to the impacts of climate change. While developed countries should continue to lead efforts to mobilize climate finance, achieving the ambition requires a broader group of contributors, as well as mobilizing finance from the private sector, new and innovative sources and working on enabling conditions globally and nationally. The NCQG should help make financial flows consistent with the Paris Agreement and change the nature of multilateral discourse on climate finance. He should recognize the need for a global effort to mobilize large-scale financing from a wide variety of sources, public and private, national and international.
Another important element of this year’s talks will be reconfirm global energy goals agreed last year in Dubai to transition away from fossil fuels, triple investment in renewable energy and double energy efficiency measures by 2030. EU negotiators will work to set ambitious expectations for Nationally Determined Contributions (NDCs) to be submitted by all parties next year. The EU started preparations for its new NDC with the publication of the Commission’s communication on Europe’s 2040 climate target earlier this year. The Commission intends to present a legislative proposal to establish a 90% emissions reduction target for 2040 in European climate legislation. This objective will subsequently inform the presentation of the new EU NDC.
The EU negotiating team will also work to conclude negotiations on international carbon markets under Article 6 of the Paris Agreement. With the growing global appetite for rigorous carbon offsetting and financing of mitigation and adaptation projects, we need to put common standards in place. These should be based on high integrity, additionality, durability and accountability.
The Commissioner for Climate Action Wopke Hoekstra will again lead the EU negotiating team at COP29, working closely with the Council Presidency and member states to fulfill the negotiating mandate adopted last month. Energy Commissioner Kadri Simson will participate on 14 and 15 November, focusing on the implementation of the abandon fossil fuelsabout our work to reduce methane emissions and the development of clean technologies. Commissioner for Innovation, Research, Culture, Education and Youth Iliana Ivanova will also be in Baku on 12 November to participate in a high-level event on “The future of net-zero emissions competitiveness”.