Reaching climate neutrality in a sustainable way
Europe is leading the way in a transition towards an economy that gives more to the planet than it takes away. At global level, both ambition and action are needed in this critical decade, to ensure the implementation of the Paris Agreement and to reach climate neutrality in a sustainable way.
EU at COP28
The 28th UN Climate Change Conference (COP28) was held from 30 November to 12 December 2023 in Dubai. Under the presidency of the United Arab Emirates, the COP28 summit brought parties together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change.
The EU pushed for substantially scaling up global climate ambition to keep the 1.5°C objective within reach, in line with the Paris Agreement, and worked with like-minded partners to secure a successful outcome at COP28.
Key commitments and actions announced by the EU at COP28:
- to accelerate the transition away from fossil fuels this decade, to take action to reduce emissions by 43% by 2030, and set the world on a pathway to reaching net zero emissions by 2050
- as part of the Global Pledge on Renewables and Energy Efficiency, to triple renewable energy capacity and double the rate of energy efficiency improvements by 2030. €2.3 billion from the EU budget will support the energy transition in the European neighbourhood and around the globe
- €175 million of financial support from the EU and its Member States to reduce methane emissions
- over €400 million in funding from the EU and its Member States to activate a new loss and damage fund for climate emergencies
- the first two European clean tech projects to be supported by the EU-Catalyst partnership to help the EU reach its 2030 climate targets
- a €20 billion Team Europe contribution to the Africa-EU Green Energy Initiative
- a new Team Europe initiative focused on deforestation-free value chains
We stand ready to do more, and we know that more must be done. For example, COP28 has also been the opportunity to discuss carbon pricing with other Parties, so that more countries start to put a price on pollution. And we have also been able to lay the ground for broader financial reforms, new innovative sources of funding, and aligning all financial flows with the Paris Agreement.
EU’s priorities for COP28
In the COP28 climate negotiations, the EU worked for even more ambition and action in this critical decade, including through:
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Phasing out fossil fuels and increasing renewable energy capacity and energy efficiency
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A more concerted focus on emissions reductions this decade
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Preparing ourselves and our partners for adaptation to climate change
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Ensuring climate finance to address loss and damage from all who can pay
The EU hosted nearly 100 side events at the EU pavilion. 10 Members of the College of Commissioners were present across the two weeks of COP28.
EU delivering at COP28
- 2 December 2023EU announces €175m financial support to reduce methane emissions
- 2 December 2023EU leads global initiative to triple renewable energy capacity and double energy efficiency measures by 2030
EU climate action
The European Green Deal set out a new growth strategy for Europe. It aims to transform the EU into a fair and prosperous society, with a modern and competitive economy with zero net greenhouse gas emissions by 2050. The latest EU climate and energy legislation, known as ‘Fit for 55’ package, is expected to reduce EU net greenhouse gas emissions by at least 55% by 2030. Europe is delivering on its promises made to citizens and international partners to lead the way on climate action and shape the green transition for the benefit of citizens and industries.
Globally, the EU supports the green transformation, investing in both mitigation and climate resilience through its Global Gateway strategy. It also supports clean energy as a way of achieving the Sustainable Developments Goals and commitments of the Paris agreement. In a Team Europe approach, it promotes green technology exchanges and reinforces energy security, offering sustainable and trusted connections and solutions across the world.
Team Europe’s contribution to global climate finance
To tackle the climate crisis, emissions need to be reduced everywhere in the world. The EU is partnering with developing economies to provide them with the support they need to mitigate and adapt to climate change.
The EU, its Member States and the European Investment Bank are together the biggest contributor of public climate finance to developing economies. In 2022, they have contributed €28.5 billion in climate finance from public sources and mobilised an additional amount of €11.9 billion of private finance.
The EU also remains committed to contributing towards the developed economies’ goal of jointly mobilising from different sources $100 billion per year up to 2025 to support our partners.