EU finance ministers have today only outlined general principles on climate finance in preparation for the UN Cop 29 climate talks in Baku, in November, and did not mention an amount for a new finance goal for developing countries.
The ministers reaffirmed the EU's commitment to mobilising $100bn/yr in climate finance for developing countries until 2025, as agreed in 2009 at Cop 15 in Copenhagen. But they gave no clarity on an amount for the new collective quantified goal (NCQG) on climate finance, the next stage of the Cop finance goal. EU ministers reiterated the EU's position on setting a "prerequisite" for an ambitious goal of expanding the group of contributors, considering all sources of finance — domestic, international, public, and private. This expanded group should reflect the evolving capabilities and high greenhouse gas emissions since the early 1990s, ministers said.
EU countries also suggested that Cop 29 provisions should ensure climate finance is not used for fossil fuel-related activities, and acknowledged the need for swift action to address energy poverty. Multilateral development banks, including the World Bank and IMF, should phase out fossil fuel-related finance "as soon as possible", they said. The ministers also support "innovative" options for broadening finance sources and advancing the international carbon pricing agenda.
Later this month, EU states are expected to formally mandate EU negotiators for the conference. EU environment ministers will contribute to it, and are expected to approve their conclusions on 14 October. Previous drafts by environment ministers were light on climate finance commitments. And as in the finance ministers' text, there was nomention of 2040 climate goals, including a 90pc net GHG emissions cut by 2040.
