Algeria
Egypt
Israel
Jordan
Lebanon
Libya
Morocco
Palestine *
Syria *
TunisiaEU to support continued global climate action and push for ambitious finance and investment goals at COP29
At the COP29 UN Climate Change Conference on 11-22 November in Azerbaijan, the European Union will work with international partners to deliver on the goals of the Paris Agreement of limiting global average temperature rise to as close as possible to 1.5C. Climate change continues to be an issue which knows no borders, and increasingly harms lives and livelihoods across Europe and around the world. At COP29, the Parties to the Paris Agreement must ensure that global financial flows are increasingly aligned with the Paris Agreement, unlocking investments, through the adoption of a New Collective Quantified Goal (NCQG) on Climate Finance. The NCQG will be the main priority of this year’s negotiations.
The EU is currently the largest provider of international climate finance, contributing €28.6 billion in public climate finance in 2023 and mobilising an additional amount of €7.2 billion of private finance to support developing countries to reduce their greenhouse gas emissions and adapt to the impacts of climate change. While developed countries should continue to lead efforts in mobilising climate finance, achieving ambition requires a broader group of contributors, as well as the mobilisation of finance from the private sector, new and innovative sources, and working on enabling conditions at global and domestic level. The NCQG should contribute to making financial flows consistent with the Paris Agreement and change the nature of the multilateral discourse on climate finance.
Countries covered:
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Algeria
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Egypt
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Israel
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Jordan
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Lebanon
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Libya
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Morocco
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Palestine *
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Syria *
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Tunisia
