EU commissioner: COP29 marks turning point in global climate finance strategy

At COP29, a transformative decision was made to drastically increase the climate finance target, signaling a new era in global efforts to combat climate change.

European Climate Commissioner Wopke Hoekstra shared this groundbreaking development during a press conference in Berlin, Caliber.Az reports via local media.

Hoekstra emphasized the continuing importance of the Paris Agreement in shaping future climate action, stating, “Paris, in my view, continues to be more important than ever. It is the foundation on which all our actions are built.” He highlighted that COP29 not only reaffirmed the commitment to limiting global temperature rise to 1.5 degrees Celsius, but also marked a significant milestone with a historic decision to triple the $100 billion climate finance target.

Reflecting on the previous year’s progress, Hoekstra noted, “At COP28, we made a landmark decision to begin the transition away from fossil fuels. That was really a watershed moment in our fight against climate change.” This was further solidified at COP29, with the ambitious new target for climate finance.

Looking ahead to COP30, scheduled for Brazil in 2025, Hoekstra sees it as an opportunity to further the momentum. “COP30 will be a chance to reaffirm an unwavering commitment to full implementation and realization of the Paris Agreement,” he explained. He also underscored the progress made, stating, “The world has already succeeded in reducing global warming by more than a degree since Paris.”

Hoekstra expressed optimism about the role of COP30 in shaping the future of global climate efforts, emphasizing, “I am convinced that if we are able to succeed, and if we see more, not less, multilateralism at COP30, we will send a very strong signal to the real economy that the transition to a zero-emissions world is not just possible, but in fact, the world is on its way.”

COP30, the 30th meeting of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), will take place in Brazil in 2025. The conference aims to further advance global climate action, review progress, and strengthen international collaboration in mitigating climate change and adapting to its effects.

With Brazil as the host, COP30 will be a key moment for world leaders, policymakers, scientists, and activists to come together, driving initiatives aimed at achieving the ambitious goals set in the Paris Agreement. The conference is expected to play a critical role in reinforcing commitments and fostering global cooperation to address the ever-growing challenges posed by climate change.