On Thursday, the European Parliament approved its demands for COP29, emphasizing the need to set a new collective target for climate action funding.

With 429 votes in favor, 183 against, and 24 abstentions, the Parliament urged all countries to agree on a new global climate financing goal starting in 2025. This target should be based on social equity, adhering to the “polluter pays” principle, and leveraging a mix of public, private, and innovative funding sources.

MEPs called on all high-emission and high-GDP countries—whether advanced economies or emerging nations—to contribute financially to climate action.

The resolution highlights the need for the EU to bolster its green diplomacy to ensure fair competition internationally, prevent carbon leakage, and increase public support for climate initiatives.

The Parliament also encouraged the EU to advocate for and assist other nations in implementing or enhancing carbon pricing mechanisms, including emissions trading systems and carbon border adjustment measures.

At COP29, MEPs expect a “clear signal” reaffirming the commitment made at COP28 to phase out fossil fuels. They also called on nations to eliminate all direct and indirect fossil fuel subsidies as soon as possible, redirecting those resources toward climate action.

Background
COP29 will take place from November 11 to 22, 2024, in Baku, Azerbaijan. A delegation from the European Parliament will attend the meeting from November 18 to 22.

The conference aims to review progress under the Paris Agreement and establish new financial resources to support global climate action.