The EU at COP29

Accelerating global climate action

The 29th UN Climate Change Conference (COP29) was held from 11-22 November 2024 in Baku. Under the presidency of Azerbaijan, the COP29 summit brought parties together to accelerate action towards the Paris Agreement's 1.5°C target and the UN Framework Convention on Climate Change. The conference focused on securing the significant financial investments needed to reduce emissions and protect vulnerable populations.

The picture shows a man and a boy on their bicycles, positioned in front of a wall displaying the text 'COP29. Baku, Azerbaijan'."

Key results

The European Commission and EU countries took the lead in brokering a deal to align global financial flows with the objectives of the Paris Agreement. With a New Collective Quantified Goal (NCGQ) for Climate Finance, the EU broadened the global contributor base for financing climate projects. It will reach at least USD 1.3 trillion per year by 2035, by combining public and private investment and giving a strengthened role to multilateral development banks.

During COP29 the EU also

finalised an agreement on carbon market rules which will bring greater environmental integrity, transparency and accountability
announced its intention to present in 2025 a 1.5C-aligned Nationally Determined Contribution (NDC)
announced a partnership on the transition away from fossil fuels together with the Beyond Oil and Gas Alliance
launched a new Methane Abatement Partnership Roadmap to further accelerate the reduction of methane emissions associated with fossil energy production and consumption
published the first ever Biennial Transparency Report (BTR), a significant milestone in the implementation of the Paris Agreement

EU climate action at home

The European Green Deal is the EU’s growth strategy, and we will stay the course on achieving its goals and implement all legislation. We are aiming to transform the EU into a fair and prosperous society with a modern and competitive economy, while achieving zero net greenhouse gas emissions by 2050. A new Clean Industrial Deal for Europe will help industries decarbonise and create new green jobs across the Union.

The EU climate and energy legislation now in force has put the EU on track to reduce EU net greenhouse gas emissions by at least 55% by 2030 and reach climate neutrality by 2050. As a next intermediate step, the European Commission will propose a 90% net emissions reduction target for 2040, amending the European Climate Law. Europe is delivering on its promises to shape the green transition for the benefit of people, industry and nature.

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 countries 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 2023, they have contributed €28.6 billion in climate finance from public sources and mobilised an additional amount of €7.2 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.

Furthermore, the EU Global Gateway strategy is encouraging public and private investment in infrastructure, green energy, education and research, as a way of achieving the UN Sustainable Developments Goals and commitments of the Paris agreement.