The 29th UN Climate Change Conference (COP29) is being held until 22 November 2024 in Baku. Under the presidency of Azerbaijan, the COP29 summit will bring parties together to accelerate action towards the Paris Agreement’s 1.5°C target and the UN Framework Convention on Climate Change. The conference will focus on securing the significant financial investments needed to reduce emissions and protect vulnerable populations.
EU priorities
The EU is working with like-minded partners to secure a successful outcome at COP29. In the climate negotiations, the EU is pushing for even more action during this critical decade, including:
- Setting a new global goal on climate finance with increased public and private contributions to support developing countries in their climate actions
- Completing the negotiations under Article 6 of the Paris Agreement on international carbon markets
- Pursuing implementation of the COP28 commitments to transition away from fossil fuels, and push for more ambitious Nationally Determined Contributions – countries’ climate action plans that are to be delivered in 2025
- Progressing on adaptation policies and global resilience to climate change
EU climate action at home
The European Green Deal is the EU’s growth strategy, and we will stay the course on achieving its goals and implement all legislation. We are aiming to transform the EU into a fair and prosperous society with a modern and competitive economy, while achieving zero net greenhouse gas emissions by 2050. A new Clean Industrial Deal for Europe, set to be unveiled in the first 100 days of the new Commission mandate, will help industries decarbonise and create new green jobs across the Union.
The EU climate and energy legislation now in force has put the EU on track to reduce EU net greenhouse gas emissions by at least 55% by 2030 and reach climate neutrality by 2050. As a next intermediate step, the European Commission will propose a 90% net emissions reduction target for 2040, amending the European Climate Law. Europe is delivering on its promises to shape the green transition for the benefit of people, industry and nature.
Team Europe’s contribution to global climate finance
To tackle the climate crisis, emissions need to be reduced everywhere in the world. The EU is partnering with developing countries to provide them with the support they need to mitigate and adapt to climate change.
The EU, its Member States and the European Investment Bank are together the biggest contributor of public climate finance to developing economies. In 2023, they have contributed €28.6 billion in climate finance from public sources and mobilised an additional amount of €7.2 billion of private finance.
The EU also remains committed to contributing towards the developed economies’ goal of jointly mobilising from different sources $100 billion per year up to 2025 to support our partners.
Furthermore, the EU Global Gateway strategy is encouraging public and private investment in infrastructure, green energy, education and research, as a way of achieving the UN Sustainable Developments Goals and commitments of the Paris agreement.
€28.6 billion in climate finance from public sources from the EU, member states and the European Investment Bank in 2023.
€7.2 billion mobilized in private finance.
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