The EU is gearing up for tough negotiations on financing for developing countries at the upcoming COP29 climate talks in Baku, Azerbaijan. Amid concerns about the potential withdrawal of the US from global climate talks under president-elect Donald Trump, Europe’s foreign policy chief Josep Borrell emphasized the urgency of taking action on climate change. The EU’s negotiating team, led by climate commissioner Wopke Hoekstra, is set to prioritize discussions on financing clean energy and adaptation in developing countries at the summit. The European Commission, as the largest contributor among developed countries, is pushing for more commitments from a wider range of contributors as a condition for any increase in financing, with a focus on the US.
While attention will be on financing issues at COP29, there are also expectations for countries to enhance their domestic climate action plans. Last year’s host, the United Arab Emirates, has already announced a plan to reduce net greenhouse gas emissions by 47% below 2019 levels by 2035. The EU, with a goal of reducing emissions by 55% below 1990 levels by the end of the decade, is not yet ready to present a new ‘nationally determined contribution’ to the global effort at the summit. Discussions on a new 2040 target, recommended to be at least 90% reduction by EU climate scientists, are unlikely to occur until the new European Commission takes office.
EU officials are hopeful that the 55% emission reduction target and the previous decrease of 8% in emissions up to 2023 will allow the bloc to maintain its leadership role in climate negotiations. However, uncertainties surrounding the future involvement of the US in global climate efforts pose challenges. There are also concerns about Azerbaijan potentially using the COP as a public relations opportunity. The EU will have a modest presence at the Baku summit compared to previous COPs, with European Council president Charles Michel scheduled to attend global leaders’ sessions. Energy commissioner Kadri Simson will also participate in discussions on transitioning away from fossil fuels.
Despite the EU’s commitment to climate leadership and the progress made in reducing emissions, the future of global climate negotiations remains uncertain. The urgency to address climate change cannot be delayed, and the EU is prepared to continue engaging in discussions and negotiations at COP29 and beyond. The focus on financing for developing countries, domestic climate action plans, and setting ambitious emission reduction targets will be crucial topics at the upcoming summit. As the EU navigates these discussions and challenges, maintaining unity among member states and collaborating with global partners will be essential in advancing climate action on a global scale. By prioritizing climate action and cooperation, the EU aims to play a pivotal role in shaping the future of climate policy and ensuring a sustainable future for all.
