MEPs Chart Ambitious Course for COP29: Calls for Global Climate Finance Goals and Fossil Fuel Phase-Out

COP29: European Parliament Members Outline Their Goals for Upcoming Global Climate Discussions

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

The proposal, which passed with 54 votes supporting it, 23 opposing, and four abstaining, urges nations to establish a new, collective climate finance target for after 2025 at COP29. According to Members of the European Parliament (MEPs), this target should be equitable, adhere to the polluter-pays principle, and draw from a diverse mix of public, private, and innovative financial resources. They emphasize Parliament's demand for a reliable EU financing system to sufficiently fulfill the EU's climate finance obligations.

Eliminate the use of fossil fuels and end financial

Members of the European Parliament are urging that COP29 sends a clear message following COP28's pledge to move away from fossil fuels. The document emphasizes that eliminating fossil fuels is essential and achievable with current technology. MEPs are also calling for nations to eliminate all direct and indirect subsidies for fossil fuels swiftly and to redirect those funds towards combating climate change.

Implement global carbon-pricing strategies

Members of the European Parliament express disappointment that carbon pricing strategies currently only apply to 24% of worldwide emissions, a figure insufficient to achieve the targets set by the Paris Agreement. They urge the European Commission to actively promote and assist other nations in implementing or enhancing carbon pricing strategies, taking inspiration from the EU's own efforts like its emissions trading system and carbon border adjustment mechanism.

The resolution underscores the necessity for enhanced worldwide initiatives to tackle pollution from water, chemicals, and plastics. It also emphasizes the importance of cutting down methane emissions and emissions linked to international shipping, aviation, and agriculture.

Subsequent

The entire house will vote on the resolution during the plenary session scheduled for November 13-14.

Context

The 29th Conference of the Parties, known as COP29, is scheduled to occur from November 11 to November 22, 2024, in Baku, the capital of Azerbaijan. A group of representatives from Parliament is set to participate in

The 29th Conference of the Parties (COP29) seeks to establish a fresh joint objective for financing worldwide climate initiatives. Meanwhile, nations are crafting updated climate pledges as part of the Paris Agreement, which must be submitted by early 2025.

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