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COP29: EU to Support Continued Global Climate Action
Climate change remains a borderless issue, increasingly impacting lives and economies across Europe and the world. At COP29, the EU will emphasize the critical need to align global financial flows with the Paris Agreement through the adoption of a New Collective Quantified Goal (NCQG) on Climate Finance. This goal is set to be the main priority of this year's negotiations, aiming to unlock investments essential for significant climate action.
As the global community grapples with the escalating challenges of climate change, the current COP29 UN Climate Change Conference, scheduled for 11-22 November in Azerbaijan, stands as a pivotal moment for international climate action. The European Union (EU), a longstanding leader in environmental stewardship, is poised to collaborate with international partners to reinforce the objectives of the Paris Agreement, aiming to limit the global average temperature rise to as close as possible to 1.5°C.
From 11-22 November, COP29 serves as a pivotal platform where nations converge to negotiate and solidify commitments under the Paris Agreement. Leaders are engaging in intense discussions to limit the global average temperature rise to as close as possible to 1.5°C.
The conference aims to ensure that global financial flows align with climate objectives, primarily through the adoption of a New Collective Quantified Goal (NCQG) on Climate Finance.
In 2009, during COP15 in Copenhagen, developed countries committed to a goal of mobilizing jointly $100 billion per year by 2020 to address the needs of developing countries. This goal was reaffirmed in subsequent COPs and was extended through 2025 during COP21 in Paris. It became evident that the $100 billion per year target was insufficient to meet the actual needs of developing countries, which are significantly higher due to escalating climate impacts. The Paris Agreement, adopted in 2015, called for setting a new collective quantified goal from a floor of $100 billion per year, taking into account the needs and priorities of developing countries. This new goal is to be finalized by 2025.
The new objectives of the NCQG are:
The conference aims to ensure that global financial flows align with climate objectives, primarily through the adoption of a New Collective Quantified Goal (NCQG) on Climate Finance.
In 2009, during COP15 in Copenhagen, developed countries committed to a goal of mobilizing jointly $100 billion per year by 2020 to address the needs of developing countries. This goal was reaffirmed in subsequent COPs and was extended through 2025 during COP21 in Paris. It became evident that the $100 billion per year target was insufficient to meet the actual needs of developing countries, which are significantly higher due to escalating climate impacts. The Paris Agreement, adopted in 2015, called for setting a new collective quantified goal from a floor of $100 billion per year, taking into account the needs and priorities of developing countries. This new goal is to be finalized by 2025.
The new objectives of the NCQG are:
- Scale Up Climate Finance: Increase the financial support to developing countries beyond the $100 billion per year, reflecting the true scale of the challenge.
- Address Both Mitigation and Adaptation: Ensure balanced funding for reducing greenhouse gas emissions (mitigation) and coping with climate impacts (adaptation).
- Enhance Predictability and Transparency: Provide clear and reliable financial commitments to aid developing countries in long-term planning.
- Broaden the Contributor Base: Encourage contributions from a wider range of countries and sources, including emerging economies and the private sector.
- Align Financial Flows with Climate Objectives: Redirect global financial flows towards low-emission and climate-resilient development pathways, consistent with Article 2.1(c) of the Paris Agreement.
The EU's Leadership in Climate Finance
The European Union continues to lead in international climate finance, contributing €28.6 billion in public climate finance in 2023 and mobilizing an additional €7.2 billion from private sources. These funds support developing countries in reducing greenhouse gas emissions and adapting to climate impacts. Recognizing that developed nations should spearhead climate finance mobilization, the EU advocates for a broader coalition of contributors, including the private sector and innovative funding sources, to achieve ambitious climate goals.
EU Advancing Global Energy Goals
Building on agreements from COP28 in Dubai, the EU aims to reconfirm commitments to:
EU negotiators will work towards setting ambitious expectations for the Nationally Determined Contributions (NDCs) to be submitted by all parties next year. The EU has initiated preparations for its new NDC, following the European Commission's communication on Europe's 2040 climate target earlier this year. A legislative proposal is anticipated to enshrine a 90% emission reduction target for 2040 in the European Climate Law, shaping the EU's future climate commitments.
- Transition away from fossil fuels
- Triple renewable energy investments
- Double energy efficiency measures by 2030
EU negotiators will work towards setting ambitious expectations for the Nationally Determined Contributions (NDCs) to be submitted by all parties next year. The EU has initiated preparations for its new NDC, following the European Commission's communication on Europe's 2040 climate target earlier this year. A legislative proposal is anticipated to enshrine a 90% emission reduction target for 2040 in the European Climate Law, shaping the EU's future climate commitments.
International Carbon Markets and Article 6
An essential aspect of COP29 will be concluding negotiations on international carbon markets under Article 6 of the Paris Agreement. With a growing appetite for a robust carbon offset system and funding for mitigation and adaptation projects, establishing common standards is imperative. These standards should ensure high integrity, additionality, durability, and accountability, fostering a trustworthy global carbon market.
Which EU Delegation to COP29 in Azerbaijan?
Commissioner for Climate Action, Wopke Hoekstra, will lead the EU negotiating team, working closely with the Council Presidency and Member States to fulfill the negotiating mandate adopted last month. Commissioner for Energy, Kadri Simson, will attend on 14-15 November, focusing on fossil fuel transition commitments, methane emission reductions, and clean technology development. Additionally, Commissioner for Innovation, Research, Culture, Education, and Youth, Iliana Ivanova, will participate in a high-level event on "The Future of Net Zero Competitiveness" on 12 November in Baku.
Background: The Paris Agreement and EU Climate Policy
Under the 2015 Paris Agreement, 194 countries committed to keeping the global temperature rise well below 2°C, striving for 1.5°C by century's end. This commitment involves submitting NDCs outlining individual emission reduction targets. The EU, firmly committed to this agreement, has already reduced greenhouse gas emissions by 37% since 1990 while expanding its economy by nearly 70%.
The European Green Deal, introduced in December 2019, set the EU on a path to climate neutrality by 2050, a goal cemented into law with the European Climate Law in July 2021. This law also established an intermediate target of reducing net greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels—a target communicated to the UNFCCC in December 2020 as the EU's NDC.
Reflections on Previous COPs and EU Member States' Discussions
In recent years, the EU has played a crucial role in shaping global climate policy through active participation in COP conferences. At COP26 in Glasgow, the EU was instrumental in finalizing the Paris Rulebook, providing guidelines for the implementation of the Paris Agreement. During COP28 in Dubai, the focus was on accelerating the energy transition, where the EU advocated for increased investments in renewables and energy efficiency.
Within EU member states, discussions have centered on balancing economic growth with environmental sustainability. Countries like Germany and Denmark have made significant strides in renewable energy adoption, while nations such as Poland and the Czech Republic are navigating the challenges of phasing out coal dependency. The EU's Just Transition Mechanism aims to support regions most affected by the transition towards a green economy, ensuring no one is left behind.
As COP29 approaches, the EU remains steadfast in its commitment to global climate leadership. By advocating for ambitious finance and investment goals, reinforcing global energy commitments, and fostering collaborative international efforts, the EU aims to drive meaningful progress in the fight against climate change. The outcomes of COP29 will be critical in shaping the future of global climate policy and the collective endeavor to safeguard our planet for future generations.
Related Topics:
- The European Green Deal
- Paris Agreement Implementation
- International Carbon Markets
- Renewable Energy
- EU Climate Law and Targets
