On Monday evening, the Committee on the Environment, Public Health, and Food Safety adopted a resolution for the UN Climate Change Conference COP29. The resolution, approved with 54 votes in favour, 23 against, and four abstentions, urges all countries to agree on a new collective climate finance goal after 2025 at COP29. According to the Members of the European Parliament (MEPs), this goal should be socially equitable, aligned with the polluter-pays principle, and based on various public, private, and innovative financing sources.
MEPs reiterated Parliament’s call for a predictable EU finance mechanism to provide adequate support in meeting the EU’s climate finance commitments. COP29 will take place from November 11 to 22, 2024, in Baku, Azerbaijan. A delegation from Parliament will attend the conference from November 18 to 22.
COP29 aims to establish a new collective goal for financial support for global climate action while countries are developing new climate commitments under the Paris Agreement, which must be communicated by early 2025. The resolution will be presented for a vote during the November 13-14 plenary session.
Phase out fossil fuels and subsidies
MEPs are calling for COP29 to send a clear message to follow up on the commitments made during COP28 regarding the transition from fossil fuels. The text emphasises that phasing out fossil fuels is necessary and technologically feasible. MEPs urge all countries to eliminate both direct and indirect fossil fuel subsidies as soon as possible and to redirect those resources towards climate action.
Adopt global carbon pricing mechanisms
MEPs express concern that current carbon pricing solutions only cover 24% of global emissions, which needs to be revised to meet the goals of the Paris Agreement. They urge the European Commission to encourage and support other countries in implementing or improving carbon pricing mechanisms, drawing on the examples set by the EU’s emissions trading system and carbon border adjustment mechanism.
The resolution also stresses the need for increased global efforts to combat water, chemical, and plastic pollution, as well as to reduce methane emissions and emissions from international shipping, aviation, and agriculture.
