COP29: European Parliament urges all countries to contribute financially to climate action

In the context of the UN Climate Change Conference (COP29) taking place at Baku (Azerbaijan), a new resolution (2024/2718) was approved by the Members the European Parliament (MEPs), which calls on all countries to agree on a post-2025 new collective goal on climate finance that is socially fair, aligned with the polluter-pays principle, and based on a variety of public, private and innovative sources of finance.

MEPs require all major and emerging economies with high emissions and high GDP to contribute financially to global climate action. The European Union (EU) should encourage and support other countries to introduce or improve carbon pricing mechanisms, such as its emissions trading system (ETS) and carbon border adjustment mechanism (CBAM).