EU negotiators are gearing up for challenging discussions on financing for developing countries at COP29 in Baku, Azerbaijan, next week. As concerns grow about US President-elect Donald Trump potentially withdrawing from global climate talks again, EU foreign policy chief Josep Borrell stressed that the world cannot afford to wait another four years to address climate change, as the situation continues to deteriorate.
Borrell emphasized that while other issues can be paused, climate change cannot. He stated, “The climate will keep changing, and we can’t afford to lose four years in fighting it.”
Ahead of the summit, the EU’s climate team, led by Commissioner Wopke Hoekstra, is focused on securing more financial commitments for clean energy and adaptation in developing nations. The EU remains the largest contributor to global public financing, with €28.6 billion in 2023, about a quarter of the total. However, they are pushing for broader contributions, including from the US.
In addition to financial discussions, the summit will also examine the willingness of nations to strengthen their domestic climate actions. However, countries’ climate plans up to 2035 are not expected until next year’s COP30 in Brazil. The UAE, last year’s host, recently announced a plan to cut emissions by 47% by 2035, though it has not committed to reducing oil and gas production.
The EU’s new target is a 55% emissions reduction by 2030, and while officials are hopeful that this target, along with an 8% emissions drop in 2023, will reinforce the EU’s climate leadership, uncertainties surrounding the US role in the talks and potential PR motives from Azerbaijan could complicate negotiations.
The EU’s presence in Baku will be more subdued than at COP28 in Dubai, where it hosted numerous side events. European Council President Charles Michel and Energy Commissioner Kadri Simson will attend, focusing on the transition away from fossil fuels, a breakthrough agreement from Dubai that has no set deadline.
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