COP29 in Baku: EU to support continued global climate action and push for ambitious finance and investment goals

The UN Climate Change Conference COP29 starts today in Baku, Azerbaijan, and runs until 22 November. At this global event, the European Union will work with international partners to meet the Paris Agreement targets to limit the rise in global average temperature to as close to 1.5C as possible.

“Climate change continues to be an issue which knows no borders, and increasingly harms lives and livelihoods across Europe and around the world,” says a press release by the European Commission.

Commissioner for Climate Action, Wopke Hoekstra, will lead the EU negotiating team at COP29. He will be joined by Commissioner for Energy, Kadri Simson, and Commissioner for Innovation, Research, Culture, Education and Youth, Iliana Ivanova.

What is COP? Why is climate change such a pressing global issue? And how is the EU addressing this issue in the Eastern partner countries? Check our explainers and special page Planet care, on the EU NEIGHBOURS EAST website.

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 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.

Another important element of this year’s negotiations will be to reconfirm the global energy goals agreed last year in Dubai to transition away from fossil fuels, triple renewable energy investments, and double energy efficiency measures by 2030. EU negotiators will work to set ambitious expectations for the Nationally Determined Contributions (NDCs) to be submitted by all Parties next year. In addition, the EU negotiating team will also be working to conclude the negotiations on international carbon markets under Article 6 of the Paris Agreement.

Find out more

Press release