Driving energy transition: EU to unveil major climate moves at COP29

The European Union has reiterated its dedication to advancing global climate efforts by endorsing ambitious funding and investment objectives at the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, scheduled to be held in Baku on November 11-22.

The European Commission announced in a statement that this year's discussions will concentrate on enhancing the energy transition targets established at COP28, Caliber.Az reports citing local media.

These targets include phasing out fossil fuels, tripling investments in renewable energy, and doubling energy efficiency measures by 2030.

The statement also notes that the European Commission is collaborating with international partners at COP29 to work toward the Paris Agreement's goal of limiting global warming to 1.5 degrees Celsius. Achieving this goal will require mobilizing private sector investments, utilizing innovative financial resources, and creating a supportive environment both globally and locally.

EU negotiators are focusing on ambitious contributions for the upcoming year, as the EU has already begun preparing its new nationally determined contribution, having issued a statement on its 2040 climate target earlier this year.

The Commission plans to propose legislation to codify a target of reducing emissions by 90 per cent by 2040. Additionally, the EU delegation aims to complete negotiations on international carbon markets in accordance with Article 6 of the Paris Agreement.

European Commissioner for Climate Action Wopke Hoekstra will lead the EU negotiating team at COP29, working in close coordination with the European Council and EU member states to fulfil the negotiating mandate established last month. 

Energy Commissioner Kadri Simson will participate in discussions on November 14 and 15, addressing topics such as transitioning away from fossil fuels, cutting methane emissions, and advancing clean technologies.

Meanwhile, European Commissioner for Innovation, Research, Culture, Education, and Youth Iliana Ivanova will join a high-level event on November 12, titled "A Zero Emissions Future of Competitiveness."

By Tamilla Hasanova