At the Ecofin Council meeting in Luxembourg on Tuesday 8 October, the European finance ministers approved the conclusions on financing the fight against climate change, ahead of the meeting of the United Nations Framework Convention on Climate Change (UNFCCC) to be held in Baku, Azerbaijan, from 11 to 22 November (COP29) (see EUROPE 13493/25, 13495/13).
In its conclusions, the Council stresses that the EU and its Member States are determined to achieve the current objective of developed countries to collectively mobilise $100 billion per year to finance the fight against climate change until 2025. This target was reached for the first time in 2022.
The Council notes the conclusions of the Intergovernmental Panel on Climate Change that public and private financial flows for fossil fuels remain greater than those for climate change adaptation and mitigation. It urges all those who contribute to financing the fight against climate change, in particular the multilateral development banks, to ensure that the provision and mobilisation of these funds are not used for activities linked to fossil fuels.
As in previous years, the conclusions do not yet include the EU contribution figure for 2023. This figure will be communicated by the European Commission and will have to be approved by the Council separately, in good time, before the start of COP29.
To read the conclusions, go to https://aeur.eu/f/drv (Original version in French by Anne Damiani)