EU to Push for Global Commitment on Climate Finance at COP29

The European Union is preparing to advocate for stronger global transition commitments from fossil fuels and increased climate finance contributions at the COP29 climate summit in Baku. The EU aims to finalize new climate funding targets and hold major economies accountable for their CO2 emission reduction efforts, emphasizing the urgency of meeting the 1.5°C target.

The European Union is gearing up to pressure other countries at this year's COP29 climate summit in Baku, Azerbaijan, to uphold their commitments to transition away from fossil fuels, according to a draft seen by Reuters.

Set to focus on finance, the summit has the 27-country EU under significant pressure to pledge more funds to help poorer nations tackle climate change. The draft indicates the EU's intent to finalize a new global climate funding target at COP29 while also demanding that countries substantially increase their emission reduction efforts, as agreed at COP28 in Dubai.

Countries are expected to submit new national climate pledges by early 2025, following limited progress in recent UN climate talks. The EU, as the largest climate finance contributor, seeks greater financial participation from other major economies, including China, tied to stronger CO2 emission reduction actions.

(With inputs from agencies.)