COP29 on climate finance opens on Monday 11 November in Baku, Azerbaijan, and closes on 22 November. This annual Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) comes just a few days after the US elections won by Republican Donald Trump, who withdrew from the Paris Climate Agreement during his previous term as leader of the United States - a move that did not fail to provoke a response from several European leaders.
The EU27 met in Budapest (Hungary) on Friday 8 November for an informal meeting on the EU’s competitiveness.
On his arrival at the summit, the President of the European Council, Charles Michel, pointed out that, despite “the situation in the United States”, the challenge of climate change had not gone away, as demonstrated by the recent floods in Spain.
For the EU High Representative for Foreign Affairs and Security Policy, Josep Borrell, it is not possible “to lose four years”. “We must continue to implement our climate policies and make it clear that this is not just a problem for Europeans, but one that concerns the whole of humanity”, he said.
The main issue at stake at this COP is the new amount of annual aid that developed countries will have to disburse to developing countries by 2025. At this stage, no figures have been announced by the contributing parties, including the EU.
For the European Commissioner for Climate Action, Wopke Hoekstra, who will lead the EU’s negotiating team, speaking at his confirmation hearing as Commissioner-designate on 7 November (see EUROPE 13520/2), the EU’s strength lies in its ability to persuade other players, including the United States, to step up their climate ambitions.
The EU’s negotiating mandate adopted in October confirms its commitment to playing a leading role in these discussions (see EUROPE 13504/14).
The European Union, the largest contributor to climate finance, with €28.6 billion in public financing in 2023 and €7.2 billion in private capital, is committed to diversifying the contributor base by strengthening partnerships with other countries and encouraging the participation of the private sector and emerging economies in climate finance efforts.
The ‘Climate Club’ (see EUROPE 13480/3), an initiative in the margins of COP29, brings together 43 members, including the EU, and aims to promote the decarbonisation of industry. The EU will support joint actions, including carbon pricing for civil aviation and shipping, and is exploring innovative financing options.
The Commissioner for Energy, Kadri Simson, will be attending COP29 on 14 and 15 November to promote the move away from fossil fuels and the development of clean technologies. The Commissioner for Innovation, Iliana Ivanova, will be speaking on 12 November on the future of net zero competitiveness. A delegation from the European Parliament will be present from 18 to 22 November.
In addition, the EU will be co-hosting the Just Transition Pavilion with the International Labour Organization (ILO), focusing on the social impacts of the ecological transition.
EU negotiating mandate: https://aeur.eu/f/e8v (Original version in French by Pauline Denys and Nithya Paquiry)