EU to Push for Bigger Commitments at COP29

The European Union will push for a follow-up deal to curb fossil fuels at COP29, a highly debated topic at COP28. As reported by Reuters, based on a draft of the EU’s agenda for COP29, the nations also hope to reach a record climate funding deal.

Last year, COP28 reached a breakthrough agreement to transition away from fossil fuels, after overrunning the agenda with discussions to include their phase out. The final proposal was modified to use language referring to emission reductions, as proposed by the United Arab Emirates. The gathering faced scrutiny due to accusations of over participation of oil and gas lobbyists, and closing oil and gas deals during the COP. Nonetheless, this agreement marked the first time that fossil fuels had been mentioned on a COP agreement.

At COP28, the European Union, Colombia, Chile, Australia, the United States, Canada, Japan, among other countries called out for clearer measures to phase-out carbon, oil, and gas usage. This year, the European Union plans on committing to invest in financing for climate change while pushing for strong measures to curb emissions and follow up on the fossil fuel deal.

Efforts to secure financing and financial aid for poorer nations dealing with climate change effects could be a pressing topic for the EU, and more developed countries as well. This commitment, however, would come tied with nations’ commitments to cut emissions.

According to Reuters, COP29 is set to focus on financing and pressure for large economies to commit to financial support for poorer nations dealing with climate change. The EU hopes to reach a deal at COP29 on a new global target for climate funding.

Demands also include efforts to cut emissions, climate pledges aligned with the 1.5°C target, tripling renewable energy capacity and doubling annual energy efficiency gains by 2030, reports the source. The European Union will also push other economies, such as China, to commit to climate financing. The bloc argues that bigger funding should receive bigger actions from other countries.

Moreover, little progress has been achieved on the agreement to transition away from fossil fuels, according to prep UN climate talks. European nations and climate-vulnerable island states maintain that major oil and gas producers continue to block these discussions.

Earlier this year, energy ministers from the G7 reached an agreement to eliminate the use of coal in power generation by the first half of the next decade. The move, discussed during a two-day meeting in Turin, represents a significant step toward reducing reliance on fossil fuels, in line with global efforts to mitigate climate change.