The EU emphasizes the importance of implementing the Paris Agreement goals, progress in climate change mitigation, and ensuring financing to help vulnerable countries, Hungarian State Secretary for Energy and Climate Attila Steiner and EU Commissioner Wopke Hoekstra said at a high-level meeting during COP29, speaking on behalf of the European Union group.
Report informs that, according to Steiner, COP29 should become an implementation conference. "We have no time to delay, it's important that we all unite in Baku to achieve a balanced result. Since COP29 should be a conference of action, we are concerned about progress in climate change mitigation. Therefore, our main priority is advancing mitigation efforts and achieving an ambitious and reliable result," he stated.
The EU representative reminded that following the recommendations of the Intergovernmental Panel on Climate Change (IPCC) is an urgent necessity, as the consequences of inaction are already felt.
The European Union considers it important to attract new participants in fighting climate change and ensure substantial financing to help the most vulnerable countries. "Additionally, international carbon markets could also help developing countries access greater climate financing and cost-effective solutions. This effectively contributes to decarbonization," Steiner noted.
In turn, EU Commissioner Wopke Hoekstra emphasized the EU's determination to continue the course toward green transformation and increase global cooperation in fighting climate change.
The EU proposed organizing a new energy transition forum that would unite G20 leaders, international organizations, and financial institutions to intensify climate actions ahead of COP30, he said.
"We must prepare new Nationally Determined Contributions (NDCs) that cover the entire economy. They must take into account all greenhouse gases and align with our goal of keeping global warming at 1.5°C. And to be absolutely clear: the bar must be raised for everyone," he said.
According to him, COP29 must set an ambitious, new collective quantitative goal for climate financing, a goal that helps align all financial flows with Paris Agreement objectives. "It must consider the developing economic capabilities of partners in providing and mobilizing climate finance. And we are also seeking progress in carbon market rules," Wopke stated.