At the ministerial climate conference held on 21 and 22 March in Copenhagen (Denmark), the European Commissioner for Climate Action, Wopke Hoekstra, stressed the importance of teamwork and compromise in making progress on issues relating to the financing of climate change mitigation and adaptation.
These entreaties came as decision-makers met in the run-up to COP29 in Baku (Azerbaijan), providing an opportunity to debate these issues during a dedicated discussion in which Mr Hoekstra stressed the need for an ambitious New Collective Quantified Goal (NCQG) on Climate Finance, saying that the EU was “absolutely determined” to take action in this direction and would contribute its fair share, if not more.
The European Commissioner mentioned the three issues linked to this question: the size of the target, the nature of the eligible financial flows and the contributors. He also stressed the need to mobilise private funding to complement public money, and to ensure that investment is directed towards the poorest and most vulnerable.
Mr Hoekstra also called for an integrated approach to align financial flows with the objectives of the Paris Agreement and the 1.5 degree threshold. (Original version in French by Nithya Paquiry)
