The UN Climate Change Conference (COP29) takes place from 11 to 22 November 2024 in Baku, Azerbaijan, gathering world leaders and climate experts to define a new global goal for climate finance and advance climate action. A delegation from the European Parliament will participate from 18 to 22 November to contribute to discussions on the EU's climate commitments and financial support for sustainable development worldwide.

COP29’s key objective is to establish a post-2025 framework for climate finance as nations update their commitments under the Paris Agreement, due in early 2025. On Monday, 21 October, Parliament’s Environment, Public Health and Food Safety Committee adopted a resolution with 54 votes in favor, 23 against, and four abstentions, outlining the EU's stance. MEPs call on all countries to set a socially fair and equitable climate finance goal, aligned with the polluter-pays principle and incorporating diverse public, private, and innovative financial resources.

The resolution further urges the EU to create a stable finance mechanism to ensure reliable support for its climate finance obligations, reinforcing the EU's leadership role in global climate action and the importance of predictable funding for effective climate policies. Parliament will soon vote on the resolution during the plenary session, setting the EU’s expectations and priorities for COP29.

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