BRUSSELS, 9th October, 2024 (WAM) -- The European Council in Brussels has approved recommendations on climate finance ahead of the upcoming United Nations Framework Convention on Climate Change (UNFCCC) meeting in Baku, Azerbaijan, from 11th to 24th November.
The Council confirmed that the European Union and its member states remain committed to the current goal set by developed countries to mobilise US$100 billion annually in climate finance through 2025.
The Council highlighted its strong commitment to continue providing climate finance in the future and its intention to support the achievement of new, ambitious collective quantitative targets beyond 2025.
As in previous years, the recommendations do not include the 2023 contribution figure from the EU, which will be provided by the European Commission and approved separately by the Council ahead of COP29.
The primary goal of the upcoming COP29 will be to negotiate new collective quantitative targets beyond 2025. Each year, the UNFCCC Conference of the Parties (COP) meets to establish ambitions, responsibilities, and assess climate measures.
The EU and its member states are parties to the convention, which includes 198 parties in total (197 countries and the EU).
Later in October 2024, the European Council is expected to approve recommendations outlining the general mandate for the EU negotiators at COP29.