The European Union, leader of global climate action, is finalising its negotiating position for COP29, focusing on three key areas: securing a new global climate finance target, pushing for ambitious emissions reduction goals, and encouraging stronger national climate pledges.
by Theodora De Pasquale
The European Union is set to finalise its negotiating position for COP29 in October 2024, focusing on climate finance, emissions reduction and transitioning away from fossil fuels. These commitments are central to the EU’s commitment to keeping global temperature rise within the 1.5°C limit set by the Paris Agreement. By encouraging countries to enhance their national climate pledges, the EU hopes to galvanise the international community toward more effective and coordinated climate action at this critical juncture [1].
Climate Finance
One of the EU’s focus at COP29 will be securing a new global climate finance target to replace the current $100 billion annual commitment, financed by countries classified as industrialised by the United Nations in 1992 and expiring in 2025 [2]. The European Union is currently the largest contributor to the fund, providing over $30 billion [3]. During COP29 negotiations, the EU is expected to:
- Push for increased climate finance flows to support developing countries. Climate Action Network estimates that developing countries require around $1 trillion annually in transfers from wealthier nations to cope with the impacts of climate change [4].
- Advocate for more highly polluting countries, such as China, to contribute to climate funding.
- Reaffirm European’s commitment to continue paying its share of climate finance.
Emissions Reduction and Fossil Fuel Transition
The European Commission has proposed a target to reduce greenhouse gas (GHG) emissions by 90% by 2040, based on 1990 levels [5]. During COP29, the EU needs to:
- Advocate for a global commitment to accelerate the energy transition.
- Call for specific phase-out dates for coal, gas, and oil: as the Austrian Green member Lena Schilling proposed (coal by 2030, gas by 2035, and oil by 2040 “at the latest”).
- Prevent misuse of carbon credit mechanisms under Article 6 of the Paris Agreement.
- Advocate for multilateral development banks, such as the World Bank and the International Monetary Fund, to phase-out fossil fuel-related finance.
Nationally Determined Contributors
The EU position on NDCs for COP29 will likely focus on:
- Request stronger commitments from countries to reduce greenhouse gas emissions, aligned with the goal of limiting global warming to 1.5°C, pushing them to update their NDCs to reflect major climate targets.
In conclusion, the EU’s approach to COP29 underscores its strong commitment to climate finance, emissions reduction goals and ambitious national climate pledges. The EU aims to strengthen its international role and collaboration with other countries, ensuring the global efforts remain on track to limit warming to 1.5°C.
References:
[1] EU to push at COP29 for followup on deal to curb fossil fuels, 2024, Kate Abnett, https://www.reuters.com/business/environment/eu-push-cop29-followup-deal-curb-fossil-fuels-2024-07-12/ accessed on 11th Oct. 2024.
[2] EU prepares for COP29 showdown with China over climate aid, 2024, Zia Weise, https://www.politico.eu/article/eu-call-on-countries-china-fund-climate-action-cop29-united-nations-climate-conference/ accessed on 11th Oct. 2024.
[3] Top story of the week: COP29 – EU moves closer to pressure wealthy emerging economies on climate finance, 2024, EERA, https://www.eera-set.eu/news-resources/5474:top-story-of-the-week-cop29-eu-moves-closer-to-pressure-wealthy-emerging-economies-on-climate-finance.html accessed on 11 Oct. 2024.
[4] EU pledges funds for developing countries ahead of Azerbaijan summit, 2024, Robert Hodgson, https://www.euronews.com/my-europe/2024/10/08/eu-pledges-funds-for-developing-countries-ahead-of-azerbaijan-summit accessed on 11th Oct. 2024.
[5] Parliament discusses EU’s Cop 29 negotiating position, 2024, https://www.argusmedia.com/en/news-and-insights/latest-market-news/2604780-parliament-discusses-eu-s-cop-29-negotiating-position accessed on 11th Oct. 2024.