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EU Draft Doc Calls on Global Approach to Caron Pricing

EMISSIONS

An EU draft negotiating mandate ahead of the UN Cop 29 climate summit calls for a global approach to carbon pricing and stronger climate plans according to Argus.

  • The draft calls on the other countries to introduce or improve their own carbon pricing mechanism and to include carbon markets that are aligned with the Paris Agreement.
  • The draft, however, was light on climate finance with the EU confirming its commitment to existing climate finance goals.
  • At the summit, parties will have to agree on a new climate finance goal, the new collective quantified goal (NCQG).
  • The Cop 29 climate summit will take place 11-22 November in Baku.

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