On Wednesday 2 October, the coalition of environmental organisations Climate Action Network Europe (CAN Europe) organised a debate bringing together international experts to discuss the EU’s expected decision on climate financing ahead of the next meeting of EU finance ministers, scheduled for 8 October (see other news).
This new financial target, which will be decisive in supporting developing countries vulnerable to climate change, is due to be adopted at the next world climate conference, COP29, scheduled to be held in November in Baku (Azerbaijan).
The Director of CAN Europe, Chiara Martinelli, noted the EU’s historic role in international climate negotiations.
However, she deplored a recent lack of leadership on climate finance, calling for efforts to be stepped up.
She called on the EU to strengthen its alliances, particularly in respect of the most vulnerable countries, in order to move the discussions forward.
As for potential sources of funding, Ms Martinelli advocated taxing fossil fuel industries and polluting sectors. She also mentioned the possibility of taxing the wealth of the most affluent in society and taxing financial transactions to increase the public funds needed for a just transition. (Original version in French by Nithya Paquiry)