{"id":155072,"date":"2024-11-27T03:00:49","date_gmt":"2024-11-27T02:00:49","guid":{"rendered":"https:\/\/www.cde.ual.es\/?p=155072"},"modified":"2024-11-26T00:07:31","modified_gmt":"2024-11-25T23:07:31","slug":"eu-secures-agreement-on-carbon-market-rules-and-new-climate-finance-goal","status":"publish","type":"post","link":"https:\/\/www.cde.ual.es\/en\/eu-secures-agreement-on-carbon-market-rules-and-new-climate-finance-goal\/","title":{"rendered":"EU secures agreement on carbon market rules and new climate finance goal"},"content":{"rendered":"<p style=\"text-align: justify;\">At the COP29 UN Climate Change Conference in Baku, the European Commission and EU Member States took the lead in brokering a deal to align global financial flows with the objectives of the Paris Agreement. Through the adoption of\u00a0<strong>a New Collective Quantified Goal (NCQG) for Climate Finance<\/strong>, the EU successfully\u00a0<strong>broadened the global contributor base<\/strong>\u00a0for climate finance. The NCQG provides for more countries to contribute finance, reflecting their growing emissions and economic weight. The agreement also gives a strengthened role to multilateral development banks (MDBs), maximising the leverage and impact of public funds by drawing in and\u00a0<strong>mobilising significant private finance<\/strong>. Parties agreed that the combined funding from all these sources should reach at least $1.3 trillion per year by 2035.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.cde.ual.es\/wp-content\/uploads\/2024\/11\/pexels-pixabay-414807-scaled.jpg\"><img decoding=\"async\" class=\"aligncenter wp-image-155073\" src=\"https:\/\/www.cde.ual.es\/wp-content\/uploads\/2024\/11\/pexels-pixabay-414807-scaled.jpg\" alt=\"\" width=\"794\" height=\"529\" srcset=\"https:\/\/www.cde.ual.es\/wp-content\/uploads\/2024\/11\/pexels-pixabay-414807-scaled.jpg 2560w, https:\/\/www.cde.ual.es\/wp-content\/uploads\/2024\/11\/pexels-pixabay-414807-300x200.jpg 300w, https:\/\/www.cde.ual.es\/wp-content\/uploads\/2024\/11\/pexels-pixabay-414807-1024x683.jpg 1024w, https:\/\/www.cde.ual.es\/wp-content\/uploads\/2024\/11\/pexels-pixabay-414807-768x512.jpg 768w, https:\/\/www.cde.ual.es\/wp-content\/uploads\/2024\/11\/pexels-pixabay-414807-1536x1024.jpg 1536w, https:\/\/www.cde.ual.es\/wp-content\/uploads\/2024\/11\/pexels-pixabay-414807-2048x1365.jpg 2048w\" sizes=\"(max-width: 794px) 100vw, 794px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Within this broader target is a commitment by developed countries to take the lead on mobilising $300 billion per year by 2035 for developing countries&#8217; climate action. This core goal can be achieved through a wide range of sources,\u00a0<strong>including finance mobilised by multilateral banks<\/strong>\u00a0<strong>and, for the first time, contributions from other countries<\/strong>. This was a critical EU demand to ensure that other countries do their fair share in providing and mobilising funding, matching their financial capacity. There is no assigned share of this contribution for the EU or Member States, and decisions about how to meet these targets will lie with Member State Governments and the EU, through national budgets and the MFF.<\/p>\n<p style=\"text-align: justify;\">The EU negotiating team also successfully<strong>\u00a0finalised the rules that will bring greater environmental integrity, transparency and accountability to international carbon markets<\/strong>\u00a0under Article 6 of the Paris Agreement. The crediting mechanism under Article 6.4 will set a new UN-backed standard for high-quality carbon offsets, and the new rules for recording and tracking of international transfers will bring transparency to bilateral carbon deals between Parties. This will enable a cost-effective reduction and removal of emissions.<\/p>\n<p style=\"text-align: justify;\">During COP29 the EU joined a group of other ambitious countries in\u00a0announcing its intention to present a 1.5C-aligned NDC\u00a0next year, setting the bar for other countries. To drive forward the clean energy transition, the Commission and the Beyond Oil and Gas Alliance\u00a0announced a partnership\u00a0on the transition away from fossil fuels. The Commission also launched a new\u00a0Methane Abatement Partnership Roadmap\u00a0to further\u00a0accelerate the reduction of methane emissions associated with fossil energy production and consumption, in collaboration with a number of partner countries, international organisations, NGOs and development banks.<\/p>\n<p style=\"text-align: justify;\">During COP29, the EU published its\u00a0first ever Biennial Transparency Report\u00a0(BTR), ahead of the end of year deadline. The submission of BTRs is a significant milestone in the implementation of the Paris Agreement, enhancing accountability and collaboration in the global fight against climate change, as outlined under the Enhanced Transparency Framework of the Paris Agreement.<\/p>\n<p style=\"text-align: justify;\"><strong>Background<\/strong><\/p>\n<p style=\"text-align: justify;\">Under the 2015 Paris Agreement, 194 countries agreed to keep average global temperature change well below 2\u00b0C and as close as possible to 1.5\u00b0C by the end of the century. To do this, they agreed to submit Nationally Determined Contributions (NDCs) which represent their individual emissions reduction targets. The European Union is firmly committed to the Paris Agreement, and is a global leader in climate action, having already\u00a0cut its greenhouse gas emissions by 37% since 1990, while growing its economy by almost 70%. The EU has already begun preparations for its new NDC with the publication of the\u00a0Commission&#8217;s Communication on Europe&#8217;s 2040 climate target\u00a0earlier this year. The Commission intends to present a legislative proposal to enshrine a 90% emission reduction target for 2040 in the\u00a0European Climate Law. This target will subsequently inform the submission of the new EU NDC.<\/p>\n<p style=\"text-align: justify;\">The EU is currently the largest provider of international climate finance, contributing\u00a0\u20ac28.6 billion\u00a0in public climate finance in 2023\u00a0and mobilising an additional amount of \u20ac7.2 billion of private finance to support developing countries to reduce their greenhouse gas emissions and adapt to the impacts of climate change.<\/p>\n<p style=\"text-align: justify;\">With the\u00a0European Green Deal\u00a0presented in December 2019, the EU committed to reaching climate neutrality by 2050. This objective became legally binding with the adoption and entry into force of the\u00a0European Climate Law, in July 2021. The Climate Law also sets an intermediate target of reducing net greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. This 2030 target was\u00a0communicated\u00a0to the UNFCCC in December 2020 as the EU&#8217;s NDC under the Paris Agreement. In 2021, the EU presented a\u00a0package of legislative proposals\u00a0to make its climate, energy, land use, transport and taxation policies fit for reducing net greenhouse gas emissions by at least 55% by 2030.<\/p>\n<p style=\"text-align: justify;\"><strong>More information: <a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_24_6043\">European Commission.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At the COP29 UN Climate Change Conference in Baku, the European Commission and EU Member States took the lead in brokering a deal to align global financial flows with the objectives of the Paris Agreement. Through the adoption of\u00a0a New Collective Quantified Goal (NCQG) for Climate Finance, the EU successfully\u00a0broadened the global contributor base\u00a0for climate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":155073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[12984,4085,346],"tags":[1745,2650,996,1488],"class_list":{"0":"post-155072","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-climate-action","8":"category-environment","9":"category-eu-news","10":"tag-carbon-emissions","11":"tag-climate-en","12":"tag-climate-action","13":"tag-european-commission","14":"entry"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EU secures agreement on carbon market rules and new climate finance goal | CDE Almer\u00eda - Centro de Documentaci\u00f3n Europea - Universidad de Almer\u00eda<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cde.ual.es\/?p=155076\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EU secures agreement on carbon market rules and new climate finance goal | CDE Almer\u00eda - Centro de Documentaci\u00f3n Europea - Universidad de Almer\u00eda\" \/>\n<meta property=\"og:description\" content=\"At the COP29 UN Climate Change Conference in Baku, the European Commission and EU Member States took the lead in brokering a deal to align global financial flows with the objectives of the Paris Agreement. 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