The European Union reaffirmed its commitment to advancing global climate action by supporting ambitious targets for financing and investment at the 29th session of the Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC), taking place in Baku, Azerbaijan, from 11th to 22nd November.

The European Commission stated that this year's discussions will focus on reinforcing the global energy transition targets set at COP28, which was hosted by the UAE in Dubai last year. These targets include phasing out fossil fuels, tripling investments in renewable energy, and doubling energy efficiency measures by 2030.

The statement added that the EU is collaborating with international partners at COP29 to achieve the Paris Agreement’s goal of limiting global warming to 1.5 degrees Celsius. It emphasised that climate change remains a borderless challenge, increasingly affecting lives and livelihoods across Europe and globally.

At COP29, the EU aims to align global financial flows with the Paris Agreement by setting a new collective quantitative climate finance target. The statement highlighted the need for leveraging private sector investments, innovative funding sources, and creating conducive conditions both globally and locally.

The European Commission underlined the importance of the National Quality Work Group in aligning financial flows with the Paris Agreement and transforming multilateral discussions on climate finance. EU negotiators are also focused on ambitious contributions for the next year, with the EU already preparing its new nationally determined contribution (NDC) by publishing a statement on the EU’s 2040 climate target earlier this year.

Additionally, the Commission plans to propose legislation enshrining a 90 percent emissions reduction target for 2040 in the European Climate Law. The EU team will also seek to conclude negotiations on international carbon markets under Article 6 of the Paris Agreement.

The statement emphasised the growing global momentum for adopting robust carbon offset mechanisms and funding mitigation and adaptation projects, stressing the need for common standards based on integrity, additionality, robustness, and accountability.

European Commissioner for Climate Action, Wopke Hoekstra, is once again leading the EU’s negotiating team at COP29, working closely with the Council Presidency and EU Member States to achieve the negotiating mandate set last month. Energy Commissioner Kadri Simson will participate on 14th and 15th November, focusing on the transition away from fossil fuels, reducing methane emissions, and advancing clean technologies.

Meanwhile, Iliana Ivanova, the European Commissioner for Innovation, Research, Culture, Education, and Youth, will attend a high-level event on 12th November at the conference titled “The Future of Net-Zero Competitiveness.”