Yesterday, the Council approved conclusions on climate finance ahead of the United Nations Framework Convention on Climate Change (UNFCCC) conference to be held in Baku, Azerbaijan, from November 11 to 22, 2024 (COP29).

In its conclusions, the Council emphasizes that the EU and its Member States are committed to the current goal of developed countries to collectively mobilize $100 billion per year in climate finance until 2025. This goal was first achieved in 2022.

The Council also highlights its strong commitment to continue meeting climate finance goals in the future and its intention to support the achievement of new ambitious collective quantitative goals after 2025.

The EU and its Member States are the world’s largest contributors to public international climate finance, and since 2013, they have doubled their contribution to support developing countries.

As in previous years, the conclusions do not yet include the EU’s contribution figure for 2023. This will be provided by the Commission and approved by the Council separately, in time before the start of COP29.

Context

The main objective of the upcoming COP29 will be to negotiate new collective quantitative goals (NCQGs) after 2025.

Each year, the Conference of the Parties (COP) to the UNFCCC meets to determine ambition and responsibilities and assess climate measures.

The EU and its Member States are parties to the Convention, which has 198 members in total (197 countries plus the European Union). The rotating presidency of the Council, along with the European Commission, represents the EU at these international climate summits.

Later in October 2024, the Council is expected to approve conclusions that establish the general mandate for the EU negotiators at the COP29 climate conference. The conclusions approved today will complement the EU’s general mandate.

Council Conclusions on Climate Finance, October 8, 2024
Financing the Climate Transition (Reference information)
Climate Change: What the EU is Doing (Reference information)
EU Climate Goals and Foreign Policy (Reference information)c