EU Sets Stage for Crucial COP29 Climate Finance Talks

EU environment ministers have finalized their stance for the COP29 climate summit in Baku, focusing on a new climate financing goal. While developing countries seek increased funding, the EU stresses private investment. The anticipated public funding is set to be in the hundreds of billions.

EU environment ministers have finalized their common negotiating stance ahead of the pivotal COP29 United Nations climate summit in Azerbaijan. The event, set for November 11-22 in Baku, will see negotiators discuss a new global climate financing goal aimed at succeeding the existing commitment by wealthy nations to contribute $100 billion annually to developing countries.

The meeting in Luxembourg permitted EU members to harmonize their position, amid calls from vulnerable and developing nations for a significant increase in funding. However, both the EU and Canada have labeled such a leap in public financing as "unrealistic".

According to the council's statement, private sector investment will be crucial in advancing the green transition. COP29's presidency chief negotiator highlighted that while the financial need is in the trillions of dollars, a feasible public funding objective should target the "hundreds of billions." The EU has urged China, despite its status as a developing nation under U.N. criteria, to contribute given its standing as the second-largest global economy.

(With inputs from agencies.)