Thursday, 21 November 2024

Home Topics Politics Climate Finance UN climate change conference: EU calls for efforts to keep the 1.5°C goal within reach

News Release Climate Finance

The following content is a news release issued by EU Council. The original news release may be found here.

UN climate change conference: EU calls for efforts to keep the 1.5°C goal within reach

Issued by EU Council14 Oct 2024

14 October 2024 20:30

Climate change is an existential threat to humanity, ecosystems and biodiversity, as well as to peace and security. At the 29th United Nations Climate Change Conference (COP29), the EU will support an effective, achievable and ambitious global goal on climate finance and will call for ambitious climate plans in order to keep the goal of limiting global warming to 1.5°C within reach.

The Council today approved conclusions that will serve as the EU’s general negotiating position for COP29, which will take place in Baku, Azerbaijan, from 11 to 22 November 2024.

Organizations

Topics

Climate Finance

Delivering in Baku

The Council calls for an ambitious and balanced COP29 outcome that:

keeps the 1.5°C temperature goal within reach, in light of the best available science
moves us all forward towards long-term resilience
includes agreement on an effective, achievable and ambitious new collective quantified goal

This ambitious yet balanced text, grounded in consensus among EU countries, will serve as the EU’s roadmap to Baku. The EU will continue to play a leading role in international efforts to limit global warming, calling for solidarity with vulnerable countries and communities in this collective battle. Because climate change spares no country, territory or region."

- Anikó Raisz, Hungarian Minister of State for Environmental Affairs and the Circular Economy

Climate finance and new global goal

The Council stresses the importance of agreeing a new collective quantified goal (NCQG) on climate finance that is achievable and fit for purpose. The new goal should be designed on the basis of a broad, transformative and multi-layered approach, including various flows of finance and a broader group of contributors. This would reflect the evolution of respective economic capabilities and increasing shares of global greenhouse gas emissions since the early 1990s.

In this context, the Council reiterates that public finance alone cannot deliver the levels of finance needed to achieve a climate-neutral and resilient global economy; private investment will have to provide the largest share of the required investment in the green transition.

More ambition for nationally determined contributions

Limiting warming to 1.5ºC requires collective effort and further action from all countries, especially major economies.

The Council therefore underlines that the next round of nationally determined contributions – the climate plans to be submitted in 2025 – need to reflect progression and the highest possible level of ambition, in line with the outcome of the global stocktake of last year’s COP.

They should include economy-wide and absolute reduction targets that cover all greenhouse gases.

Mitigation and adaptation

In its conclusions, the Council underlines the importance of urgently scaling up mitigation ambition and implementation in this critical decade. It also calls on all parties to make greater efforts to integrate and mainstream climate change adaptation and resilience into relevant existing policies.

Looking back at the global stocktake from last year’s COP28, the Council underlines the need to build on and implement all aspects of the global stocktake decision. The conclusions emphasise in particular the importance of the United Arab Emirates (UAE) dialogue to track collective progress, the mitigation work programme to scale up mitigation ambition and the work programme on just transition pathways to achieve the goals of the Paris Agreement in a way that is just and equitable for all.

The Council also reiterates the call to transition away from fossil fuels in energy systems in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science.

Background

Every year, the Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) meets to determine climate ambition and responsibilities, and identify and assess climate measures.

The EU and its member states are parties to the Convention, which counts 198 parties (197 countries plus the European Union) in total. The rotating presidency of the Council, together with the European Commission, represents the EU at these international climate summits.

Last year’s COP28 marked the conclusion of the first global stocktake of the world’s efforts to address climate change under the Paris Agreement and to keep the global temperature limit of 1.5°C within reach.

COP29 will be based on two pillars:

enhance ambition, ensuring that all parties commit to ambitious national plans and transparency, including finalising the first enhanced transparency framework
enable action, reflecting the critical role of finance in turning ambition into action and including the establishment of a new global climate finance goal

On 8 October 2024, the Council approved conclusions on climate finance which complement the EU’s general position ahead of the COP29 climate conference as described in this press release.