The European Union (EU) has reaffirmed its commitment to climate finance ahead of the upcoming COP29 climate conference. In a statement released on [Date], the Council of the EU approved conclusions outlining its stance on climate finance and its plans for the negotiations in Baku, Azerbaijan.
The EU and its member states have met the goal of mobilizing $100 billion per year in climate finance for developing countries. This target was achieved for the first time in 2022, and the Council has expressed its intention to continue delivering on this commitment in the future. They have also signaled their support for establishing new, ambitious climate finance goals beyond 2025.
The EU is the world’s largest contributor to international public climate finance. Since 2013, the EU and its member states have more than doubled their contributions to support developing countries in their efforts to address climate change.
The EU’s specific contribution for the year 2023 will be announced by the European Commission and approved by the Council before COP29. This figure will be included in the EU’s overall climate finance strategy.
The primary objective of COP29 is to negotiate new collective quantitative goals (NCQGs) for climate finance after 2025. These goals will help to ensure that developed countries continue to provide adequate financial support to developing countries as they transition to low-carbon economies and adapt to the impacts of climate change.
The EU and its member states are active participants in the UN Framework Convention on Climate Change (UNFCCC). The Council, together with the European Commission, represents the EU at international climate summits, such as COP29.
In addition to the conclusions on climate finance, the Council is expected to approve a general mandate for the EU’s negotiators at COP29 later in October. This mandate will provide guidance on the EU’s negotiating positions on a range of climate-related issues.
