COP29: MEPs want all countries to contribute financially to climate action
November 14, 2024
The European Parliament has called on all countries to contribute financially to climate action, arguing that it is a global responsibility.
In a resolution passed on Tuesday, MEPs said that all countries must contribute their fair share to the Green Climate Fund, which helps developing countries to mitigate and adapt to climate change.
They also called for the creation of a new international mechanism to provide financial support to countries that are particularly vulnerable to the impacts of climate change.
The resolution comes ahead of the COP29 climate summit in December, which will be held in the United Arab Emirates.
MEPs said that COP29 must be a turning point in the fight against climate change, and that all countries must come to the table with ambitious plans to reduce emissions and provide financial support to those in need.
“Climate change is a global crisis, and it will require a global response,” said Pascal Canfin, chair of the European Parliament’s Committee on the Environment, Public Health and Food Safety.
“All countries must contribute their fair share to climate action, and COP29 must be the moment when we finally make this happen.”
The resolution was passed by a large majority, with 589 MEPs voting in favor and 70 against.
Background
The Green Climate Fund was established in 2010 to help developing countries to mitigate and adapt to climate change. The fund is replenished every four years, and the current replenishment period runs from 2020 to 2023.
To date, the Green Climate Fund has approved over $11 billion in funding for climate projects in developing countries. However, the fund is facing a shortfall in its current replenishment period, and it is unclear how much money will be available for the next period.
The European Union is the largest contributor to the Green Climate Fund, and it has pledged to provide €15 billion for the current replenishment period.
What’s next?
The COP29 climate summit will be held in Dubai, United Arab Emirates, from December 2 to 14. The summit will bring together world leaders, climate experts, and civil society groups to discuss how to tackle the climate crisis.
One of the key issues at COP29 will be the question of finance. Developing countries will be looking for developed countries to provide more financial support to help them to mitigate and adapt to climate change.
The European Parliament’s resolution on climate finance is a clear signal that the EU is committed to playing a leading role in the fight against climate change. The resolution calls on all countries to contribute their fair share to climate action, and it calls for the creation of a new international mechanism to provide financial support to vulnerable countries.
Press release – COP29: MEPs want all countries to contribute financially to climate action
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