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EMISSIONS: EU to Push Climate Finance Reforms, Energy Goals at COP29

EMISSIONS
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 At COP29 in Azerbaijan, the European Union will push for ambitious climate finance reforms and energy transition targets, aiming to solidify global commitments to the Paris Agreement, it said.

  • Key priorities include a new climate finance goal, strengthened carbon market standards, and enhanced pledges for phasing out fossil fuels—all part of the EU's effort to keep global temperature rise below 1.5°C.
  • This includes adopting a New Collective Quantified Goal (NCQG) on Climate Finance to align global financial flows with the Paris Agreement and stimulate climate investments.
  • And seeking to finalise Article 6 carbon market standards, focusing on robust carbon offset systems that ensure integrity, accountability, and effectiveness.
  • As well as EU negotiators pushing for ambitious Nationally Determined Contributions (NDCs) in 2024.
  • The EU’s new NDC will be shaped by a planned 90% emissions reduction target for 2040 under the European Climate Law.
  • Climate Commissioner Wopke Hoekstra will lead the EU delegation.
  • The EU contributed €28.6bn in public and €7.2bn in private funds in 2023 to support emissions cuts and climate adaptation in developing nations.
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 At COP29 in Azerbaijan, the European Union will push for ambitious climate finance reforms and energy transition targets, aiming to solidify global commitments to the Paris Agreement, it said.

  • Key priorities include a new climate finance goal, strengthened carbon market standards, and enhanced pledges for phasing out fossil fuels—all part of the EU's effort to keep global temperature rise below 1.5°C.
  • This includes adopting a New Collective Quantified Goal (NCQG) on Climate Finance to align global financial flows with the Paris Agreement and stimulate climate investments.
  • And seeking to finalise Article 6 carbon market standards, focusing on robust carbon offset systems that ensure integrity, accountability, and effectiveness.
  • As well as EU negotiators pushing for ambitious Nationally Determined Contributions (NDCs) in 2024.
  • The EU’s new NDC will be shaped by a planned 90% emissions reduction target for 2040 under the European Climate Law.
  • Climate Commissioner Wopke Hoekstra will lead the EU delegation.
  • The EU contributed €28.6bn in public and €7.2bn in private funds in 2023 to support emissions cuts and climate adaptation in developing nations.