![The EU has both the responsibility and the opportunity to lead and to demonstrate bold leadership by advancing an ambitious, financed, people-centered, and nature-focused approach at COP29. [Presidency of Azerbaijan / Handout/Anadolu via Getty Images]](/Uploads/Images/News/2024/11/Image-2660-20241113081802.webp)
Europe’s moment of truth at COP29
Climate impacts have recently ravaged communities across Spain, the USA, India, and beyond, while geopolitical tensions escalate. In this critical moment, Europe stands at a crossroads.
Will it step up to champion a transformative climate agenda that aligns with scientific urgency and centers on justice and equity? Or will it falter?
James Trinder is international climate policy coordinator at CAN Europe.
The EU has both the responsibility and the opportunity to lead and to demonstrate bold leadership by advancing an ambitious, financed, people-centered, and nature-focused approach at COP29.
This means significantly scaling up international climate finance, rapidly phasing out fossil fuels, and recommitting to human rights and equity.
Scaling up international climate finance
Addressing the glaring gap in international climate finance must be high on the EU’s agenda at COP29. The New Collective Quantified Goal (NCQG) on finance, to be applied from after 2025, must be ambitious enough to meet the needs of developing countries.
The NCQG must channel at least $1 trillion in public grants to support vital transformations in the Global South. This figure reflects the scale of financing required to trigger systemic change.
Whilst the EU has yet to set out its position on the level of finance it believes rich countries should contribute, what is clear is that the EU should champion innovative funding sources.
This could include levies on fossil fuel industries and other high-emitting sectors, in line with the Polluter Pays Principle. Redirecting fossil fuel subsidies towards equitable climate action can level the playing field for green industries and accelerate the just transition in Europe and beyond.
Private sector climate finance support to developing countries has largely proven insufficient and often results in unsustainable debt in vulnerable contexts.
Instead, the EU must commit to significantly scaled-up public finance, including sub-goals for doubling adaptation funding and capitalising the Fund for Loss and Damage.
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