MEPs demand global cooperation on climate finance at COP29
Brussels (Brussels Morning Newspaper) – In order to define a new collective purpose for financing climate action, the EU Parliament adopted its demands for the UN Climate Change Conference COP29.
In the European Parliament, the resolution, drafted by the Committee on the Environment, Public Health and Food Safety, was approved with 429 votes. It calls on all nations to agree on a post-2025 new collective plan on climate finance that is socially fair, aligned with the polluter-pays principle and founded on a variety of public, private and innovative sources of finance.
How will high-emission economies contribute to climate action?
As reported by the EU Parliament, MEPs call on all main and emerging economies with high emissions and high GDP to assist financially with global climate action. They urge the EU to step up its green diplomacy to assist create an international level playing field, evade carbon leakage, and improve public support for climate action. The EU should promote and support other countries to introduce or enhance carbon pricing mechanisms, such as its emissions trading system and carbon border adjustment mechanism.
Further, MEP said COP29 must send an “unambiguous signal” as a follow-up to the COP28 pledge to transition away from fossil fuels, including the phase-out of all direct and indirect fossil fuels support as soon as possible and the reallocation of these resources towards climate effort.
What is the significance of COP29?
The 2024 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, more generally known as COP29, is the 29th United Nations Climate Change Conference. COP29 is being carried out in Baku, Azerbaijan, from 11 to 22 November 2024. Mukhtar Babayev presides over COP29, while Samir Nuriyev leads the Organising Committee.
The selection of Azerbaijan as the place for the conference is controversial due to it being a significant oil and gas producer. Reporters and anti-corruption non-profits have also condemned the conference being held in an authoritarian state with vast corruption. The “official partners” of COP29 are companies that are owned by sovereign Ilham Aliyev’s family or have links to the Aliyev family’s businesses
