COP29: EP calls for all countries to pay for climate action

Parliament on Thursday adopted its demands for COP29, which is to set a new collective target for climate action financing.

With 429 votes in favour, 183 against and 24 abstentions, the House calls on all countries to agree on a new collective target on climate finance after 2025. MEPs want it to be based on social equity, in line with the polluter pays principle and with a variety of public, private and innovative sources of finance.

MEPs want all countries with high emissions and high GDP – be they large economies or emerging countries – to contribute funds to climate action. They call on the EU to step up its green diplomacy to help create an international level playing field, prevent carbon leakage and increase public support for climate action. Europe should encourage and support other countries to introduce or improve carbon pricing mechanisms, including emissions trading schemes and carbon border adjustment mechanisms.

COP29 must send an “unequivocal signal” regarding the COP28 commitment to move away from fossil fuels, MEPs add. They also encourage countries to phase out all direct and indirect fossil fuel subsidies as soon as possible and to devote these resources to climate action.

Background

COP29 takes place from 11-22 November 2024 in Baku (Azerbaijan). A delegation from Parliament will attend the meeting from 18-22 November.

COP29 aims to provide an overview of current progress under the Paris Agreement and to agree on new financial resources to support global climate action.

 

More information: European Parliament