The 29th United Nations Climate Change Conference (COP29), taking place in Baku, Azerbaijan, from November 11 to 22, 2024, marks a pivotal moment in global efforts to combat climate change. On November 14, the European Parliament adopted a resolution calling for fair and ambitious financial commitments to achieve post-2025 climate goals.
Socially Fair Climate Financing
MEPs advocate for a new collective target for climate financing, based on the “polluter pays” principle. This target aims to mobilize public, private, and innovative funding sources while ensuring that major economies—including fast-developing ones—contribute according to their responsibilities and capacities.
“All polluters must pay, the resolution insists. Approved with 429 votes in favor, 183 against, and 24 abstentions, it emphasizes the need for a collective approach to distribute financial efforts equitably and avoid mechanisms that mightisproportionately benefit one group over another.
Strengthening Green Diplomacy
The European Union is called upon to take the lead in global climate diplomacy. MEPs urge the EU to:
– Expand carbon pricing mechanisms globally, inspired by the EU’s Emissions Trading System (ETS).
– Enforce the Carbon Border Adjustment Mechanism to prevent carbon leakage and safeguard European competitiveness.
– Phase out direct and indirect subsidies for fossil fuels, reallocating these funds to climate action initiatives.
A Strong Signal to Phase Out Fossil Fuels
Building on commitments from COP28, the resolution highlights the urgency of phasing out fossil fuels worldwide. This involves not only ending subsidies for polluting industries but also redirecting these resources toward projects that drive the energy transition.
A Critical Turning Point in Baku
With major discussions on global climate financing, COP29 is set to be a decisive platform for evaluating progress since the Paris Agreement and strengthening financial and political commitments. A delegation from the European Parliament will attend the conference from November 18 to 22 to advocate for an ambitious climate vision. “COP29 must be the turning point that unites countries around robust, equitable funding and concrete solutions,” MEPs assert.
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