MEPs Advocate Bold Climate Finance and Fossil Fuel Phase-Out Ahead of COP29 in Baku

COP29: European Parliament Members Outline Their Goals for Upcoming Climate Negotiations

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During a session held on Monday evening, the Committee on the Environment, Public Health and Food Safety approved its agenda for the UN Climate Change Conference COP29.

The resolution was passed with 54 votes supporting it, 23 opposing it, and four abstentions. It urges nations worldwide to establish a new unified target for climate finance beyond 2025 at COP29. According to MEPs, this target should be equitable, adhere to the polluter-pays principle, and draw from diverse public, private, and innovative financial sources. They emphasize the need for a consistent EU financial system to sufficiently support the EU's climate finance obligations.

Gradually eliminate the use of fossil fuels and the

Members of the European Parliament (MEPs) are urging COP29 to deliver a clear message as a continuation of the COP28 pledge to shift away from fossil fuel reliance. The statement emphasizes that moving away from fossil fuels is essential and achievable with current technology. MEPs are also prompting nations to eliminate both direct and indirect subsidies for fossil fuels promptly and to redirect those funds towards initiatives addressing climate change.

Implement global systems for pricing carbon emissions

Members of the European Parliament express disappointment that carbon-pricing strategies currently apply to just 24% of worldwide emissions, a figure they believe is insufficient to achieve the objectives set by the Paris Agreement. They urge the European Commission to enhance its efforts in motivating and assisting other nations to adopt or enhance their carbon pricing systems, taking inspiration from the EU's own measures like the emissions trading system and the carbon border adjustment mechanism.

The resolution emphasizes the necessity for enhanced worldwide initiatives to tackle pollution from water, chemicals, and plastics. It also calls for a reduction in methane emissions and emissions from sectors such as international shipping, aviation, and agriculture.

Subsequent

The decision will be brought to a vote by the entire assembly in the plenary meeting scheduled for November 13-14.

Context

The 29th Conference of the Parties, known as COP29, is scheduled to occur in Baku, Azerbaijan, from November 11 to November 22, 2024. A delegation from the Parliament will be present at the event from November

The upcoming COP29 conference seeks to establish a fresh collective target for funding international climate initiatives. This effort coincides with nations formulating new climate pledges as part of the Paris Agreement, which are scheduled for submission in early 2025.

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