The European Union reaffirms its support for global climate action efforts during COP29 in Baku

The European Union reaffirmed its support for global climate action efforts to achieve ambitious goals in terms of financing and investment, during the twenty-ninth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), which is held. with Baku, Azerbaijan, from 11 to 22 November.

The European Commission said in a statement that an important element in this year’s negotiations was the reaffirmation of the global energy goals agreed during the activities of the Conference of the Parties to the United Nations Framework Convention on Climate Change. (COP28), which was presented by the UAE. hosted in Dubai last year to move away from fossil fuels and double renewable energy investments with triple and double energy efficiency measures by 2030.

The statement said that the European Union is working with international partners during COP29 to achieve the objectives of the Paris Agreement to limit the increase in the average global temperature to 1.5 degrees Celsius, explaining that climate change is still a an issue that knows no bounds and is increasingly harmful. life and livelihood throughout the world.

He explained that the parties to the Paris Agreement at COP29 must ensure that global financial flows are increasingly consistent with the agreement while distributing investments by adopting a new quantitative target on climate finance which will be the priority for this year’s negotiations.

The statement emphasized that while developed countries should continue to lead efforts in mobilizing climate finance, there is a need for ambition on a wider group of donors, as well as mobilizing funds from the private sector and new and innovative sources, and working to create favorable conditions at the global level. and local standards.

He emphasized the need for the National Quality Working Group to help make financial flows in line with the Paris Agreement and change the nature of the multilateral dialogue on climate finance.

The statement explained that the negotiators of the European Union are working to set ambitious expectations for the specific contributions that all parties will make next year, noting that the European Union began preparing for its a new national contribution with the publication of the Commission’s statement on Europe’s climate objective for the year 2040 earlier this year.

The statement indicated the Commission’s intention to submit a legislative proposal to include the 90% emissions reduction target for 2040 in European climate law and said that the European Union’s negotiating team will try to co -negotiate international carbon markets under Article VI of the Paris Agreement.

He emphasized that with the growing global desire to adopt a strict system of carbon balance and finance mitigation and adaptation projects, there is a need to establish common standards based on a lot of integrity, integrity, strength and accountability.

European Commissioner for Climate Action Fopke Hoekstra will once again lead the EU negotiating team at COP29 and will work closely with the Council Presidency and Member States to implement the negotiating mandate agreed last month achieved to focus on the commitment By moving away from fossil fuels, working to reduce methane emissions, and developing clean technologies.

While Ilyana Ivanova, “Commissioner for Innovation, Research, Culture, Education and Youth,” will participate on November 12 in a high-level event within the conference on “The Future of Net Zero Competitiveness.”