The European Council in Brussels has endorsed recommendations on climate finance in preparation for the upcoming United Nations Framework Convention on Climate Change (UNFCCC) meeting, scheduled to take place in Baku, Azerbaijan, from November 11 to 24.
The Council reaffirmed the European Union and its member states’ dedication to the existing target established by developed nations to mobilize $100 billion annually in climate finance through 2025.
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It further emphasized its strong commitment to ongoing climate finance support and its aim to facilitate the establishment of new, ambitious collective quantitative targets beyond 2025.
As in previous years, the recommendations do not specify the EU’s contribution figure for 2023; this will be provided by the European Commission and subsequently approved by the Council prior to COP29.
Focus of COP29 negotiations
Moreover, the primary objective of the upcoming COP29 will be to negotiate new collective quantitative targets beyond 2025. Annually, the UNFCCC Conference of the Parties (COP) convenes to set ambitions, define responsibilities, and evaluate climate initiatives.
The EU and its member states are signatories to the convention, which comprises a total of 198 parties (197 countries and the EU).
Later in October 2024, the European Council is anticipated to approve recommendations that will outline the general mandate for EU negotiators at COP29.
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