The resolution, adopted with 54 votes in favour, 23 against and four abstentions, calls on all countries to agree on a post-2025 new collective goal on climate finance at COP29. This goal should be socially fair, aligned with the polluter-pays principle, and based on a variety of public, private and innovative sources of finance, say MEPs. They reiterate Parliament’s request for a predictable EU finance mechanism to provide adequate support to meet the EU’s climate finance commitments.
Phase out fossil fuels and related subsidies
MEPs want COP29 to coordinate an “unambiguous signal” as a follow-up to the COP28 commitment to transition away from fossil fuels. The text underlines that phasing out fossil fuels is both necessary and technologically feasible. MEPs encourage all countries to also phase out all direct and indirect fossil fuels subsidies as soon as possible and reallocate these resources towards climate action.
Adopt carbon-pricing mechanisms worldwide
MEPs regret that carbon-pricing solutions cover only 24% of global emissions, which is far too low to meet the Paris Agreement goals. They call on the Commission to further encourage and support other countries to introduce or improve carbon pricing mechanisms, following the example of the EU’s initiatives such as its emissions trading system and carbon border adjustment mechanism.
The resolution reiterates the need for increased global efforts to combat water, chemical and plastic pollution, as well as to reduce methane emissions, and emissions from international shipping, aviation and agriculture.
Next steps
The resolution will be put to a vote by the full house during the plenary session of 13-14 November.
Background
COP29 takes place from 11 to 22 November 2024 in Baku (Azerbaijan). A Parliament delegation will attend COP29 between 18 and 22 November.
COP29 aims to define a new collective goal for providing financial support to global climate action whilst countries are in the process of developing new climate commitments under the Paris Agreement, which have to be communicated in early 2025.