EU commissioner hails historic climate funding milestone at COP29

The 29th Session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) has been hailed as the beginning of a transformative phase in global climate financing. 

Speaking at the closing plenary of COP29, as well as meetings of the Kyoto Protocol (CMP19) and the Paris Agreement (CMA6), European Commissioner for Climate Action Wopke Hoekstra emphasized the significance of this milestone, Caliber.Az reports, citing local media.

Hoekstra acknowledged the challenging geopolitical context in which the conference took place, noting that achieving consensus under such circumstances was a remarkable accomplishment.

"To expect improvements during these difficult times would be naive. Reaching a final agreement at this juncture is a significant achievement," he stated.

Tripling the Climate Finance Target

The commissioner highlighted that the longstanding target of $100 billion in climate financing has now been tripled, setting a more realistic goal.

"We have worked diligently to secure increased funding. Additionally, we have pledged to further enhance financing in the future. Our efforts focused on supporting the most vulnerable countries, ensuring their access to these resources," Hoekstra said.

Moving Away from Fossil Fuels

Addressing journalists, Hoekstra reaffirmed the commitment of many nations to transition away from fossil fuels. He underscored the importance of continuous dialogue on this critical issue:
"We must persist in our efforts to phase out fossil fuels. This topic has become a unifying instrument for 150–180 countries."

Praise for COP29 Presidency

The EU climate chief lauded the leadership of the COP29 presidency, acknowledging the challenges faced during the negotiations.

"The essence of this process was incredibly difficult. However, their determination and commitment to bringing everyone to the negotiating table repeatedly deserve praise. The COP29 presidency has done an outstanding job," Hoekstra concluded.

This session marks a pivotal step toward addressing the climate crisis, with renewed commitments to financial support and collaborative action among nations.

By Khagan Isayev