"Check against delivery"

Distinguished ministers, dear colleagues,

I am not telling you anything new when I am saying that we are living in a critical decade for battling climate change. 

We simply cannot ignore the impacts that we see all across the globe.

And despite of that, the production of fossil fuels in 2030 is currently expected to be double the amount that we need for a 1.5^oC pathway.

We have to do something about this. If we don't tackle fossil fuels, there truly is a risk to our credibility, but much more importantly, there is the huge risk that we will significantly overstep 1.5, and we know what a disaster that would be.

The European Union is delivering on its promises, and we are trying to do that at home and abroad. At home by outperforming our NDCs of 55 %. Our latest calculation suggests that we will reach 57 % by 2030. And this is crystal clear where we need to be in 2050.

We will come up with a new target by 2040 as well somewhere in the next year.

Internationally, I hope you've seen what we have managed to do on loss and damage, but we have also ensured € 28.5 billion – so 30 billion dollars – for the 100 billion package, which is substantial money.

Let me now, in the interest of time, reply to the guiding questions with our vision.

We need to make sure:

• we have fossil fuel consumption peaking this decade and then continuously phase out afterwards.
• [we achieve] the immediate end of new coal-based power installations.
• [we achieve] the tripling of globally installed renewable energy capacity by the end of this decade, and the doubling of energy efficiency improvements globally, to take us towards a decarbonised global power system.

We all understand the benefits of these transitions, but we also know that in order to arrive at them, global financial flows need to be aligned.

We have already collectively committed to phase out fossil fuel subsidies. This commitment cannot just be an aspirational target anymore.

It needs to be underpinned by clear action. We need to free up resources so that they can be efficiently used for meaningful climate action.

There is a crucial role for Multilateral Development Banks and other Development Financial Institutions.

Let us make sure we have this nailed by the end of this COP.

Thank you.

"Check against delivery"

Dear ladies and gentlemen, dear friends, a very good afternoon to all of you.

Let's be clear: we cannot keep 1.5 within reach without phasing out fossil fuels as fast and as broad and as definitive as we can.

An important first step is of course eliminating fossil fuel subsidies. They are as a matter of fact anachronistic and they hold back the energy transition we are seeking.

But before going into fossil fuel subsidies, let's take one step back and look at the polluter pays principle, which is an important part of the matter.

There are many ways to apply this polluter pays principle. You can do this with taxes, by putting a price on carbon like we have done in the European Union.

Therefore, it will come as no surprise to you that we believe that this is something that works really well.

Our emissions trading system does three important things at the same time: it brings down emissions, it creates a business case for decarbonisation, and it puts a price on pollution.

Our carbon pricing also raises money. 

Over the last decade, the revenues from the European ETS amount to over €175 billion. This is the total.

All of it paid for by companies in Europe buying CO2 allowances – and thus paying for their own pollution.

This money will be re-invested to support the decarbonisation of industry or vulnerable households to make sure we are speeding the transition.

The reality also is that today, less than a quarter of the world's emissions have a price – and if they have a price, that price is often too low.

We would like more countries to put a price on carbon and we are ready to support our partners in doing so. The good news here is that many countries are moving in this direction.

We invite every country to join the Call to Action for Paris-aligned Carbon Markets. The President of the Commission has hosted a very successful event on this earlier at the COP.

Turning now, more specifically, to fossil fuel subsidies, they pose a series of significant risks:

• They undermine the effectiveness of carbon pricing.
• They weigh heavily on public finances. That is important to be aware of, because public finances are not at a stage where they should be all across the globe.
• They limit possibilities for investment in a clean economy.
• They increase the risk of ‘locking in' high-carbon investments.
• And, as if it was not enough, finally, they can make clean energy and energy-efficiency technologies simply more expensive.

So, to put it a little more bluntly – or Dutch if you will – it's time to end the anomaly of fossil fuel subsides which are holding us back.

The energy crisis that resulted from Russia's invasion of Ukraine provoked a temporary surge in fossil fuel subsidies, which was, you could argue, necessary to shield vulnerable households and businesses.

This was a temporary effect, as it should be, and in parallel, the Commission is encouraging all EU Member States to reduce their fossil fuel subsidies and set a clear timeline for their phase-out.

In the EU, we also strictly apply the principle of do-no-significant-harm, to ensure that we stop subsidising fossil fuels from our central budget.  

Finally, let me leave you with the latest insight from our annual report on energy subsidies in all sectors and all Member States.

This year's report shows a positive change happening in Europe: more renewables and investments in energy efficiency, less and less money for fossil fuels.

This is the line we will continue: redirect resources from fossil fuels to renewables and energy efficiency.

We need to turn the page on fossil fuels, asap, and offer future generations a 1.5-degree future all over.

I thank the initiators but also the signatories of this declaration for their support and their call to action to stop fossil fuel subsidies.

I would like to express the hope that many others will join their chorus.

Thank you very much.

"Check against delivery"

Dear friends, colleagues,

The European Union has come to this COP with high ambition.

Ever since the Paris Agreement, we have had a goal in mind: a temperature limit that we must not and cannot pass, for the sake of our lives and those of next generations.

Science is crystal clear: if we want to truly limit the impacts of the climate crisis, if we want to offer next generations a chance at a safe future, 1.5-degrees should be our joint aim.

We know the direction we need to go in. We also see that the change is happening. But we need to speed it up.

Report after report shows that the window to keep global temperature rise limited is closing.

That is not my opinion or that of the European Union, this is scientific consensus, based on endless data, and supported by what we all see happening all across the globe, each and every day.

Ladies and gentlemen,

We can have our own opinion, but there's no arguing with facts. We need to significantly speed up.

The Global Stocktake should be where we take up the baton. Let this be a race, a race to net zero, a race for a better future for all of us.

The options put on the table by the Presidency present a clear choice.

We need to:

• Peak emissions by 2025
• Achieve 43% emissions reductions globally by 2030 [compared to 2019]
• And new NDC's that are fully aligned with the 1.5-degree temperature goal

And… I've said it earlier this week and I am going to repeat it: I want this COP to mark the beginning of the end for fossil fuels.

That's not just words.

It's what science demands, and what our kids deserve.

So, dear colleagues,

There is an opportunity here for all of us to lead, and we applaud our COP28 president, Dr. Sultan Al Jaber, for the leadership he has shown to date.

The loss and damage fund has been launched, with over half a billion dollars-worth of pledges already.

I also commend Dr. Sultan and his team for the smooth proceedings so far.

But it cannot stop here.

As the President himself has said: what matters is what we deliver at the end of this COP.

The European Union is here to work with all Parties to set us on a path to Net Zero.

Our door is open, our comfortable shoes are on, and we have a great coffee machine.

So I am ready to sit down with you my friends, at any hour of the day or night, anywhere at the venue.

Thank you!

"Check against delivery"

Good afternoon, ladies and gentlemen,

As you can see, the European Union has not only come to this COP with high ambition. We have also come with high numbers of politicians.

Today, I am not accompanied by the Spanish Presidency of the Council, who represent all 27 national governments of the European Union, but by the Head of the Delegation of the European Parliament, Peter Liese.

The European Parliament is a key partner in our domestic climate action, and so, in implementing all the commitments we make here at the COP.

And to give you an example: it is thanks to the work of the European Parliament that we expect to exceed our 2030 emissions reductions target.

But Peter will shortly tell you more about how the EU is delivering at home.

It is our joint aim here to deliver globally as well.

Today, we kick off the second week of negotiations, now at the Ministerial level.

We are starting this week with the wind in our sails.

The Presidency has built up positive momentum and prepared the ground for the crunch talks that will happen this week, in the days we have ahead of us.

I want to thank them for the work that has been done so far.

And I want to urge them to continue this leadership and drive.

This was also my message to Dr Sultan when we met with him yesterday morning.

With strong leadership of the COP President, and constructive engagement by all Parties we have here united, we can reach the ambitious outcomes that scientists demand, and next generations deserve.

Let me explicit here as well, an ambitious Global Stocktake means:

• peaking global emissions by 2025.
• reducing emissions by 43% this decade.
• and clearing the way for the next round of NDCs

These next NDCs must be in line with the 1.5 degrees and deliver a global emissions reduction of 60% by 2035.

This is what we have to do here the next couple of days, to keep the Paris Agreement alive, to keep 1.5 alive – I may even add, to keep faith in the multilateral system.

We have texts and options on the table which – in the right combination – allow us to achieve these outcomes.

Now we need to refine these texts, reduce the options, we need and move towards a consensus.

I told you earlier that I want COP28 to mark the beginning of the end for fossil fuels.

That has become the headline issue of this COP, and we cannot shy away from taking bold decisions.

Anything less would be a failure.

But the Global Stocktake is about much more than the words ‘fossil fuel phase-out'.

It is also about how we ensure that phase-out happens.

It is about creating the right conditions for the transition.

It is about identifying the means to deliver, and designing a process to ensure we do.

It is about ending the absurdity of fossil fuel subsidies, which are holding us back.

And it is about making sure we invest in a fair energy transition for everyone on this planet by aligning all financial flows with the Paris Agreement.

Ladies and gentlemen,

We know that we have a tough but important task ahead of us in the coming days.

But the world is watching, and it is waiting for some good news.

I am confident that we can provide it.

Thank you.

"Check against delivery"

Ladies and gentlemen,

a very good afternoon to all of you.

I'm really happy to be here with all of you at COP28.

Because this feels like the moment we've all been waiting for and working towards.

Ever since the Paris Agreement, we have had a goal in mind,

a temperature limit that we must not pass,

for the sake of our lives and those of next generations.

Our work this year is off to a good start.

The agreement on the loss and damage fund, the pledges – now a total of more than half a billion dollars – and of course the swift adoption of the agenda, basically all set a positive tone as we close this first week.

But make no mistake, there is still a lot of work ahead of us in the days to come.

COP28 is the moment to take stock of the Paris Agreement.

The science is crystal clear.

I have repeatedly said it and I'm going to repeat it here.

We have no alternative than to follow what scientists tell us.

And they are telling us we're simply not on track.

They are telling us that we need to accelerate our emissions reductions, and we need to do it this decade.

Ladies and gentlemen,

the European Union is here to negotiate an outcome to the Global Stocktake that sets a higher bar.

We know what is needed, and we know that we need to move faster.

The world must peak emissions by 2025 at the latest and achieve 43% emissions reductions by 2030.

And we must also look to 2035, look further ahead and prepare the ground for the next round of NDCs.

The crux of the matter, the thing we are of course all talking about, is the phase-out of fossil fuels.

So let me again be clear where I stand, where the European Union stands.

I want this COP to mark the beginning of the end for fossil fuels.

This is a key part for the EU and for our negotiating mandate,

meaning that all 27 EU Member States want this to be part of the negotiated outcome.

I will be negotiating, together with Teresa, on their behalf to secure this outcome.

We simply have to get rid of fossil fuels in full.

Ladies and gentlemen, the EU has already set the tone.

We got the support of more than 120 countries for the Global Renewables and Energy Efficiency Pledge, initiated by the European Commission President.

It says that by 2030, we will triple renewable energy capacity

and double energy efficiency globally, as part of our efforts to phase out fossil fuels from energy generation.

But we have over 190 parties here at COP28.

And we need all of these parties, all of these parties to agree to phase out fossil fuels.

Ladies and gentlemen,

Teresa and I and our teams will be giving it our all.

Because we know that the science is clear.

And because we already see what is happening with only 1.2 degrees temperature rise, in basically every single corner of the globe.

Last year, we measured that 2022 was the warmest year on record.

We are now in 2023, and we have the exact same statistic.

Now 2023 is the warmest year on record, and everyone across the world has first-hand experience, unfortunately, with the effects of climate change.

So that means that the transition has to happen now and has to happen faster.

The Global Stocktake must recognise the science and plot a path forward that is in line with a 1.5-degree future.

So that is our task, and I am very much looking forward to getting the work done.

Thank you very much.

The European Union will spare no effort to keep the Paris Agreement commitments and limit global temperature rise to 1.5°C above pre-industrial levels. That was the message that Commission President Ursula von der Leyen brought to Dubai on 1-2 December, when she participated in the opening days of the COP28.

During the two days the President participated in a series of events promoting the EU's goals for this year's COP, including increasing renewable energy capacity and energy efficiency, phasing out unabated fossil fuels and fossil fuels subsidies that are not addressed to the just transition, and making sure that global fossil fuel consumption peaks ahead of 2030.

“What we are calling for globally, we also have to deliver domestically”, the President said, emphasising that in the European Union we are even on track to overshoot our target for 2030.

At the World Climate Action Summit, President von der Leyen launched the Global Pledge on Renewables and Energy Efficiency, along with the COP28 Presidency and 118 countries.

This Global Pledge sets global targets to triple installed capacity of renewable energy to at least 11 terawatts, and to double the rate of global energy efficiency improvements from roughly 2% to an annual figure of 4%, by 2030.

The Commission President announced that the EU will support this Pledge by investing €2.3 billion for energy transition in the EU's neighbourhood and around the globe. As she said, “every country on Earth deserves clean, affordable and homegrown energy.”

Furthermore, the EU will continue to support clean energy projects via Global Gateway, the EU's strategy to promote infrastructure investments around the world.

President von der Leyen also spoke of the importance of developing carbon pricing and carbon markets. She hosted an event attended amongst others by the heads of the World Bank, the WTO, and the IMF.

President von der Leyen stressed that carbon pricing and carbon markets are key instruments towards the energy transition. “The message is very clear: You are polluting; you must pay a price. You want to avoid the payment; then innovate and decarbonise. Carbon pricing nudges the private sector towards innovation,” President von der Leyen said at the event.

The President presented the positive effect that carbon pricing has had in the EU, highlighting that in the 18 years since the scheme was introduced, emissions have gone down by 40% while the economy kept growing and while raising €175 billion in revenues.

Aiming at replicating this success elsewhere, President von der Leyen said the Commission is fully committed to continue providing technical support for countries that want to introduce carbon pricing systems.

Furthermore, the EU and several partner countries gave an important step in their energy transition support for Vietnam by endorsing Vietnam's Resource Mobilisation Plan (RMP) under its Just Energy Transition Partnership.

The EU and the UK co-led several countries last year into the Partnership with Vietnam, whose implementation will be possible thanks to the RMP. The Plan identifies priority investment projects and lays out concrete policy actions, like improving the regulatory framework to facilitate public and private investment.

In all, the Just Energy Transition Partnership will allow Vietnam to peak its greenhouse gas emissions by 2030 rather than 2035, accelerate the adoption of renewables and limit its peak coal-fired generation capacity.

Another key subject for the President is methane. Indeed, the President announced further €175 million as an EU contribution to reduce methane emissions across the energy sector. Methane is a “super pollutant” with a warming potential 86 times bigger than that of CO2.

Moreover, President von der Leyen participated in high-level events on the Coal Transition Accelerator initiative, on the launch of the Climate Club, and on the Global Stocktake Roundtable on means of implementation.

In the coming days, Commissioner Wopke Hoekstra, leading the EU negotiating team, and several other College Members will be in Dubai to push for the EU's climate ambitions.

More information

Global Pledge on Renewables and Energy Efficiency

Press release on the launch of the Global Pledge on Renewables and Energy Efficiency

Speech by President von der Leyen at the launch of the Global Pledge on Renewables and Energy Efficiency

Press release on global cooperation on carbon pricing

Remarks by President von der Leyen at the event on carbon pricing and carbon markets

Statement on the launch of the Resource Mobilisation Plan under the Just Energy Transition Partnership with Vietnam

Remarks by President von der Leyen on the Just Energy Transition Partnership with Vietnam

Press release on support to reduce methane emissions

Statement by President von der Leyen for the Super Pollutants Summit

Statement by President von der Leyen at the COP28 together with President Michel

Statement by President von der Leyen at the Coal Transition Accelerator initiative

Statement by President von der Leyen at the launch of the Climate Club

Statement by President von der Leyen at the Global Stocktake Roundtable on means of implementation

Audiovisual coverage of the President's participation in the COP28

Press release on the EU's participation in the COP28 (30 November)

At COP28, Commissioner for Crisis Management, Janez Lenarčič, will endorse on behalf of the EU two new flagship initiatives to address the human impact of the climate crisis and emphasising the interconnectedness of climate change, conflicts, and growing humanitarian needs.

The flagship initiatives the EU will endorse are: 

• “Getting Ahead of Disasters: A Charter on Finance for Managing Risks.” The Charter sets out principles for collaborative action to ensure better use of finance to manage risks and protect people in the most vulnerable countries from climate-related disasters. It also promotes and encourages anticipatory action and sustained disaster risk financing. Commissioner Lenarčič will announce EU support for this initiative at an event organized by the COP28 Presidency and the Risk Informed Early Action Partnership.
• "Declaration on Climate, Relief, Recovery and Peace." This initiative focuses on boosting financial support for climate resilience in war-torn and fragile settings. Crucially, the Declaration calls for enhanced financial support for climate adaptation and resilience, while being underpinned by a “package of solutions”, encompassing individual pledges and announcements by Declaration signatories. Commissioner Lenarčič will announce the EU's endorsement of the Declaration at the COP28 Presidency's event.

During today's events at COP28's Relief, Recovery and Peace Day, the Commissioner will take part in a number events, including a Ministerial event on “Preparedness save lives!: Strengthening partnerships to improve disaster preparedness, early warning, and climate resilience”. He will also attend a high-level event “From Relief to Climate-Resilient Development: Scaling up integrated resilience Actions to protect people and planet and reduce future humanitarian needs”, organised by the COP28 Presidency, the World Food Programme (WFP) and the Food and Agriculture Organisation (FAO).

Background

The EU is a leading humanitarian and development donor globally. In the past 4 years, the funding allocated by the EU to humanitarian assistance has been continuously growing: in 2022, the EU's final humanitarian budget amounted to over €2,6 billion, €440 million more than the previous year. In 2023, the EU aid budget will reach a similar level.  

The EU is strengthening early warning systems in vulnerable areas through capacity development and development cooperation. Last year alone, this amounted to nearly 700 million euro. The EU's development cooperation policy foresees a 30% spending target for climate action focused on mitigation and adaption measures. Only a few months ago, we adopted a comprehensive action package focusing on the climate and security nexus – the Joint Communication on ‘a new outlook on the climate and security nexus'.

In the area of humanitarian aid specifically, the EU funds projects to strengthen disaster response capacities at national and local levels. In 2022, the EU invested €76.5 million in 69 disaster preparedness actions in more than 40 countries. In 2023, the budget for targeted disaster preparedness actions amounts to over €78 million. For next year, we expect to keep the level and again dedicate around 80 million euros to fund projects that build disaster preparedness within vulnerable populations. In addition, the EU supports around 30 projects related to anticipatory action and has committed to scale up anticipatory action within EU humanitarian aid programmes.

For More Information

Climate change and environment (europa.eu)

Disaster preparedness (europa.eu)

Resilience and Humanitarian-Development-Peace Nexus (europa.eu)

Quote(s)

I thank the UAE Presidency for organising the first of its kind thematic day. This will be an outstanding opportunity for bringing dire humanitarian consequences of climate change to the forefront of the international community. At a time of unprecedented humanitarian needs and a growing funding gap, the EU will continue to mobilise for international support also for the most vulnerable in order to be able to withstand the devastating effects of climate change and not to plunge deeper into aid dependency only to survive. That is why during this COP I will be advocating for the EU most strongly for rapid and efficient joint action by humanitarian, development and peace actors to build sustainable solutions for the most vulnerable communities, in particular of those in fragile and conflict settings. Jointly tapping into broadest possible sources of finance to help build up local climate resilience is the only way we can rescue vulnerable populations from the cycle of disasters, fragility and aid dependency.

Janez Lenarčič, Commissioner for Crisis Management - 03/12/2023

Climate super-pollutants - including methane, nitrous oxide, hydrofluorocarbons, and tropospheric ozone - are responsible for over half of today's warming.  Under the Global Methane Pledge, launched by the EU and the US, more than 150 countries are now  implementing a collective goal of reducing global anthropogenic methane emissions by at least 30% by 2030, from 2020 levels. This global initiative will help to keep the Paris Agreement objective of limiting warming to 1.5 degrees Celsius within reach.

President of the European Commission, Ursula von der Leyen said today: “Reducing methane emissions is crucial for meeting our 1.5-degree commitment under the Paris Agreement. Every fraction can immediately shave down global temperature rises. We have the tools to tackle wasteful venting and flaring of gas, and use the recovered resources for a fair energy transition. With the “You Collect, We Buy” scheme we are showing the way forward. And with €175 million for the Methane Finance Sprint, we are helping low- and middle-income countries to act too.” 

In a Statement, President von der Leyen presented the first-ever EU law to curb methane emissions in the energy sector, with world-leading standards for measuring, detecting, and stopping emissions in the EU and globally. The EU and its Member States announced €175 million in support of the Methane Finance Sprint to boost methane reduction at the Summit. These funds will help catalyse efforts from government, industry, and philanthropy to reduce methane emissions across the energy sector, including by enabling the methane data revolution with the use of new satellites.

President von der Leyen also announced that the Commission will develop a roadmap for the global rollout of the “You Collect, We Buy” scheme by COP29. This scheme incentivises companies to capture and commercialise gas that would otherwise go to waste through venting and flaring, thereby bolstering climate action and energy security. The EU and Algeria will pilot together this scheme.

Background

The Global Methane Pledge, launched by President von der Leyen and President Biden at COP26 in 2021, is the main coordination platform for global methane emissions reduction. More than 150 signatories are now committed to at least a 30% global reduction in anthropogenic methane emissions by 2030, focusing on the energy, agriculture, and waste sectors. The strong global support for the Pledge illustrates the growing momentum to swiftly reduce methane emissions.   It is co-chaired by the EU and the United States, and works with two UNEP bodies, namely the Climate and Clean Air Coalition (CCAC) and International Methane Emissions Observatory (IMEO). Through the CCAC, the Global Methane Pledge has supported more than 50 countries in developing national methane action plans, and through the IMEO it has conducted a number of scientific studies and developed a Methane Alert and Response System for super-emitting events. This year Canada, the Federated States of Micronesia, Germany, Japan, Nigeria, became Global Methane Pledge Champions alongside the EU and the US.

The EU provides technical, political, and financial support for methane emissions reduction efforts globally, including through the “You Collect, We Buy” scheme, while ensuring the implementation of the new methane emissions rules domestically.

On 1 December, the UNEP International Methane Emissions Observatory released the first public methane emissions data through its Methane Alert and Response System as another development for effective tracking. This is a further concrete step in support of the implementation of the Global Methane Pledge Energy Pathway launched in 2022.

Related links

Statement of President von der Leyen

Global Methane Pledge

Methane emissions

Press release on Deal on first-ever EU law to curb methane emissions

Quote(s)

Reducing methane emissions is crucial for meeting our 1.5-degree commitment under the Paris Agreement. Every fraction can immediately shave down global temperature rises. We have the tools to tackle wasteful venting and flaring of gas, and use the recovered resources for a fair energy transition. With the “You Collect, We Buy” scheme we are showing the way forward. And with €175 million for the Methane Finance Sprint, we are helping low- and middle-income countries to act too.

Ursula von der Leyen, President of the European Commission - 02/12/2023

At the World Climate Action Summit in Dubai today, President Ursula von der Leyen launched the Global Pledge on Renewables and Energy Efficiency together with the COP28 Presidency and 118 countries.
This initiative, first proposed by the Commission President at the Major Economies Forum in April, sets global targets to triple the installed capacity of renewable energy to at least 11 terawatts (TW) and to double the rate of global energy efficiency improvements from roughly 2% to an annual figure of 4%, by 2030. Delivering these targets will support the transition to a decarbonised energy system, and help to phase out unabated fossil fuels.

European Commission President Ursula von der Leyen said: “With this Global Pledge, we have built a broad and strong coalition of countries committed to the clean energy transition - big and small, north and south, heavy emitters, developing nations, and small island states. We are united by our common belief that to respect the 1.5°C goal in the Paris Agreement, we need to phase out fossil fuels. We do that by fast-tracking the clean energy transition, by tripling renewables and doubling energy efficiency. In the next two years, we will invest 2.3 billion euros from the EU budget to support the energy transition in our neighbourhood and around the globe. This pledge and this financial support will create green jobs and sustainable growth by investing in technologies of the future. And, of course, it will reduce emissions which is the heart of our work at COP28.”

The Global Pledge has been developed in close cooperation by the European Commission and the COP28 Presidency, with the support of the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA). Adopted during the first days of COP28, this Pledge should help to build momentum towards reaching the most ambitious negotiated outcome possible at the end of this year's conference. The EU is calling for concrete actions to phase out fossil fuels throughout energy systems globally, particularly coal, and will be pushing for language that reflects this in the final COP Decision.

EU financial contribution to the pledge

To support the delivery of the Global Pledge, President von der Leyen announced that in the next two years, we will invest 2.3 billion euro from the EU budget to support the energy transition in our neighbourhood and around the globe. The EU will also draw on its Global Gateway flagships programme to continue supporting the clean energy transition. The Commission invites other donor countries to follow this lead and fast-forward the implementation of the Global Pledge.

Next steps

The Global Pledge on Renewables and Energy Efficiency will be a key tool to for the international community to measure progress and stay the course in achieving the Paris temperature goals. With support from the IEA and IRENA, an annual review of world developments contributing to achieving the global goals of 11 TW and 4% of annual energy efficiency improvements will be released ahead of COP each year. The Commission will be working closely with European financial institutions such as the European Investment Bank and the European Bank for Reconstruction and Development to deliver on its financial commitments associated to the pledge.

Background

The initiative to set global goals for renewables and energy efficiency was first announced by Commission President Ursula von der Leyen at the Major Economies Forum on 20 April 2023. As part of the European Green Deal, the EU has recently raised its domestic targets for the deployment of renewable energy and the improvement of energy efficiency, leading the way globally on the clean energy transition. By 2030 the EU will reach a minimum of 42.5% of renewables in its energy mix, and aim for 45%. Also this decade, the EU has committed to improve energy efficiency by 11.7%. In June 2023, President von der Leyen and COP28 President Dr. Sultan Al-Jaber met in Brussels and decided to work together on several joint initiatives to drive a just energy transition globally, including the Global Pledge on Renewables and Energy Efficiency.

For more information

Global Pledge on Renewables and Energy Efficiency

President Von der Leyen's speech at the launch event of the Global Pledge

Global targets for renewables and energy efficiency

Press release on EU priorities at COP28

The EU at COP28

EU side events at COP28

Quote(s)

With this Global Pledge, we have built a broad and strong coalition of countries committed to the clean energy transition - big and small, north and south, heavy emitters, developing nations, and small island states. We are united by our common belief that to respect the 1.5°C goal in the Paris Agreement, we need to phase out fossil fuels. We do that by fast-tracking the clean energy transition, by tripling renewables and doubling energy efficiency. This pledge will create green jobs and sustainable growth by investing in technologies of the future. And, of course, it will reduce emissions which is the heart of our work at COP28.

Ursula von der Leyen, President of the European Commission - 02/12/2023

Today, during the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), Executive Vice President of the European Commission Maroš Šefčovič and representative of the President of Honduras, Xiomara Castro, signed a Memorandum of Understanding for a Forest Partnership with Honduras a contribution to the external dimension of the EU Green Deal and supported by the EU’s Global Gateway strategy. It will contribute to Honduras’s objective to restore 1.3 million hectares of forest and implement its National Biodiversity Action Plan.

Executive Vice President Maroš Šefčovič, who signed on behalf of the EU said: “It is an honour to launch the Forest partnership with Honduras and strengthen our joint commitment to sustainable development. Healthy forest ecosystems are key to fighting climate change, preserving and restoring biodiversity, and bringing prosperity for communities that depend on forests for their livelihoods. The Forest partnership will help to ensure that forests can continue delivering on all these vital functions.”

European Commissioner for International Partnerships, Jutta Urpilainen, said: “One year ago, the first five forest partnerships were signed, reinforcing our united fight against climate change, and promoting the protection of forests around the world. Today we are happily welcoming the Forest Partnership with Honduras and, in line with the outcome of the EU-CELAC Summit in July, we are committing to working together to preserve forests, conserve biodiversity and ensure a safe, sustainable environment for all.”

In the next six month, the EU and the Republic of Honduras will develop a comprehensive Roadmap for the implementation of the Forest Partnership. The partners will explore how innovative finance instruments can support the partnership, in line with the Call to Action of the Paris Summit in June 2023.

The partnership will support the implementation of Honduras’ National Determined Contributions, focusing on restoring 1.3 million hectares of forest, as well as the implementation of its National Biodiversity Action Plan. It will address various topics such as increasing the area of protected, restored and sustainably managed forests, and reducing the annual rate of deforestation and forest degradation.

Furthermore, it will create opportunities to increase the number of forest-related decent jobs, and explore ways to facilitate the trade of legal, deforestation-free, and sustainable forest products between Honduras and the EU, building on the existing Voluntary Partnership Agreement (VPA) on Forest Law Enforcement Governance and Trade (FLEGT).

Background

Forest Partnerships are the EU’s new holistic cooperation frameworks for joint work on forests, supported by the Global Gateway strategy. These partnerships aim to enhance the socio-economic role of forests and their ongoing contribution to climate and biodiversity protection.

At COP26 in Glasgow, President von der Leyen announced a €1 billion contribution from the European Union to the Global Forests Finance Pledge and Commissioner for International Partnerships Jutta Urpilainen unveiled the concept of Forest Partnerships. At COP27 in Sharm al Sheik, European Commission President von der Leyen signed the first five Memoranda of Understanding for a Forest Partnership with Guyana, Mongolia, the Republic of Congo, Uganda and Zambia. One year on, is gaining traction as demonstrated by the new interest of partner countries such as the Republic of Honduras.

The EU's cooperation with Honduras on forest restoration and conservation has been long lasting, with initiatives such as the Voluntary Partnership Agreement on Forest Law Enforcement, Governance and Trade (VPA-FLEGT), a timber trade agreement ratified in 2022 tackling illegal logging and associated trade. It is the first-ever VPA to feature a broad and inclusive consultation process involving all stakeholders, including indigenous and afro-descendant peoples as a distinct group alongside government, civil society, and the private sector.

The EU is also contributing €25.5 million as part of a Team Europe Initiative on the Five Great Forests of Mesoamerica, which includes Honduras.

Overall, the EU has committed to doubling its spending to €7 billion for global biodiversity between 2021 and 2027, a large share of which will focus on forest conservation.

For more information

Memorandum of understanding for a Forest Partnership with Honduras

EU Honduras Cooperation

Forests (europa.eu)

Forest Partnerships - Communication materials and documents | Capacity4dev (europa.eu)

EU–Honduras agreement to reduce illegal timber logging and associated trade enters into force (europa.eu)

Delegation of the European Union to Honduras | EEAS (europa.eu)

‘Check against delivery'

Dear Chancellor Scholz,

Dear President Boric,

I want to thank you for bringing us together today. It is good to see the Climate Club growing. We are now 29 members from all corners of the planet. From different regions, with different needs. But with shared aspirations. Building a cleaner, more prosperous future for our citizens. And advancing the decarbonisation of our industries. Our Climate Club is also becoming a unique hub of knowledge for this. Together, we represent over 30% of global emissions. Whatever we decide together will be a powerful vector of global change. So, let us keep working together and sharing our experiences and expertise. That is what the EU will bring to the table.

With our European Green Deal, we are already well-advanced on our decarbonisation path. We see this for what it really is - an opportunity for growth. For jobs in the sectors of the future. Like green steel or wind and solar. And we have taken measures that could be replicated throughout the world. First, we have clear goals for the rapid deployment of renewable energies. In the EU we are aiming for 45% renewable energy by 2030. And globally a new pledge for tripling renewables will be set tomorrow. Renewable hydrogen will be part of that mix. We are using revenues from our Emissions Trading System to invest in hydrogen production in Europe. We launched the new European Hydrogen Bank for this purpose just last week. And we have signed hydrogen partnerships with countries across several continents. From Africa and Latin America to Asia. They have immense potential to produce clean energy transform it into clean hydrogen, and then ship it to the world.

Second, we aim to soon finalise our Net Zero Industry Act. With it, Europe will innovate and invest to bring new clean tech to scale. From batteries to grid or carbon technologies. Then they can be rolled-out across the world. For the benefit of all. This is what our climate needs. Finally, we are securing access to the materials we need with our Critical Raw Materials Act. And we are sourcing those materials from trustworthy suppliers, in a sustainable manner. We already have agreements with Chile, and Canada and we are working on more.

The road to decarbonisation is about strengthening our ties with like-minded partners around the world. This is the spirit of this Climate Club. I am looking forward to a great cooperation.

Today, the International Partners Group, comprised of the European Union (EU), the United Kingdom (UK), Canada, Denmark, France, Germany, Italy, Japan, Norway and the United States of America, and co-led by the EU and the UK, welcomes and endorses Viet Nam's Just Energy Transition Partnership Resource Mobilisation Plan (RMP). The RMP is part of the Just Energy Transition Partnership, which was agreed between Viet Nam and the International Partners Group in December 2022 and will help the country deliver on its climate targets. 

During the World Leaders Summit at COP28 on 1^st December 2023, Vietnamese Prime Minister Phạm Minh Chính launched the Resource Mobilisation Plan (RMP). The launch of the RMP represents a key milestone towards the implementation of the Just Energy Transition Partnership (JETP), which was agreed between Viet Nam and the International Partners Group (IPG) in December 2022 at the EU-ASEAN summit in Brussels and outlined in the JETP Political Declaration.  

The Partnership supports Viet Nam to deliver on its net zero 2050 goal and 2030 targets to accelerate and reduce the peaking of its greenhouse gas emissions and transition away from fossil fuels to clean energy.  

The RMP is an important first step towards the implementation of the JETP and will by nature be a living document, updated regularly as implementation progresses. It includes an assessment of priority investments, which will help Viet Nam deliver on its pathway to net-zero emissions and identify a set of priority policy actions and regulatory reforms to develop an enabling environment for investment, to boost renewables and reduce reliance on fossil fuels. The plan also identifies priority investment projects in JETP-related areas, and includes building blocks for a framework to analyse and monitor the just aspect of the energy transition with the ultimate objective to leave no one behind in the green transition. 

Moving forwards, strong partnership will be required to implement the policy actions outlined in the RMP, particularly on improving the regulatory framework in order to facilitate the flows of necessary public and private investments.             

The RMP provides further details on USD 15.8 billion of finance that has been committed to the JETP, USD 8.08 billion being provided by IPG and USD 7.75 billion by the Glasgow Financial Alliance for Net Zero (GFANZ).  

The IPG public funds will be channelled via various financial instruments and mechanisms, such as grants, concessional loans and risk-sharing instruments over a period of three to five years. These funds will help to mobilise the much larger volume of private finance for the just energy transition.     

With the release of this plan, Viet Nam makes an additional step to work toward achieving the JETP targets agreed to in the Political Declaration: 

• Bringing forward the projected peaking date for all greenhouse gas emissions in Viet Nam from 2035 to 2030;
• Reaching peak annual power sector emissions of 170 megatons CO₂e by 2030;
• Limiting Viet Nam's peak coal-fired generation capacity to 30.2 gigawatts;
• Accelerating the adoption of renewables so that renewable energy accounts for at least 47 percent of electricity generation by 2030.  

The Government of Viet Nam and the IPG will continue to work together to implement the RMP. The JETP Secretariat and four Working Groups (WGs)¹ have been set up to progress on the implementation. As part of these WGs, the IPG will support technical analytic work to guide future investment and policy actions in view of achieving JETP ambitions. These combined efforts are designed to help catalyse additional investments in Viet Nam's energy transition to enable the achievement of Viet Nam JETP targets.   

Civil society also plays a crucial role for the advancement and acceptance of measures and impacts related to the energy transition. As stated in the Political Declaration, it is vital that civil society is actively involved in a transparent manner at all stages of the JETP to make sure the necessary transition will be just and inclusive. 

Quotes:  

The President of the European Commission, Ursula von der Leyen, said:  

“The launch of the Resource Mobilisation Plan is a great milestone for the implementation of the Just Energy Transition Partnership. It demonstrates Viet Nam's leadership in paving the way for a clean energy future. The EU is proud to be part of this Partnership and we remain committed to working with Viet Nam to support the necessary reforms for speeding up crucial investment into renewable energy and a green economy.”      

The Prime Minister of the United Kingdom, Rishi Sunak, said: 

“The Resource Mobilisation Plan will unlock the vital finance needed to accelerate Viet Nam's transition from fossil fuels to clean energy.   It will help meet Viet Nam's ambitious climate and economic goals while ensuring working people and communities are not left behind – delivering a just and fair transition to net zero. The UK is proud to be a partner in helping to deliver it.” 

The Prime Minister of Canada, Justin Trudeau, said:  

The Vietnam Just Energy Transition Partnership Resource Mobilisation Plan demonstrates Viet Nam's commitment to building the clean energy economy of the 21st century. Canada continues to support cleaner energy and coal phase-out in Viet Nam and looks to the future where the JETP will contribute to a global legacy of responsible energy practices and shared prosperity. Together, we lay the foundation for a brighter, more sustainable tomorrow.” 

The Prime Minister of Denmark, Mette Frederiksen, said:  

”Congratulations to Prime Minister Chính and the government of Vietnam on today's important step towards implementing the Just Energy Transition Partnership. At this critical moment in Vietnam's transition, Denmark and IPG stand ready to support Vietnam to get on track to deliver on its ambitious Net Zero 2050 goal. Denmark has more than 40 years of experience with green transition and we have shown that the green transition can be a driver for jobs and green economic growth. We are committed to sharing our experiences and knowhow to support Vietnam's just energy transition.” 

The President of France, Emmanuel Macron, said: 

“The launch of the Resource Mobilisation Plan is a key milestone that paves the way for a just energy transition that leaves no one behind. It symbolizes our collective efforts to enable Viet Nam to achieve its ambitious climate goals and accelerate its transition away from fossil fuels. France is pleased to be part of this just energy transition partnership that guarantees a resilient and prosperous future for the Vietnamese people, by reducing the consequences of pollution and promoting economic growth and job creation, and encapsulates the principle enshrined in the Paris Pact for People and the Planet, that no country should have to choose between fighting poverty and fighting for the planet.” 

The Chancellor of the Federal Republic of Germany, Olaf Scholz, said:  

“Today's launch of the Resource Mobilisation Plan for a Just Energy Transition Partnership marks an important step towards a green and just energy transition in Viet Nam. Germany highly appreciates Viet Nam's ambitious climate targets and the commitment to increase renewable energies by 2030. We will work together to create a favourable framework and to implement the Plan swiftly. Germany is committed to provide substantial financing for implementing the Just Energy Transition Partnership with Viet Nam. We look forward to working hand-in-hand with the government, civil society and the private sector to ensure a transparent and equitable process to achieve our joint goals.” 

The Prime Minister of Italy, Giorgia Meloni, said: 

"The launch of the Resource Mobilisation Plan for the Just Energy Transition Partnership  marks an important step forward in our collective efforts to support and accelerate Vietnam's energy transition towards a sustainable future.  Italy is proud to be part of this ambitious initiative and is committed to continue working with the Partnership."   

The Prime Minister of Norway, Jonas Ghar Støre, said:  

“We welcome the finalization of the Resource Mobilisation Plan for the Just Energy Transition Partnership (JETP) with Vietnam. Now we can focus on implementation. Norway stands ready to contribute through investments and sharing of expertise and experiences.” 

The United States Special Presidential Envoy for Climate, John Kerry, said:  

“Today's launch of the Resource Mobilisation Plan (RMP) marks an important milestone in Viet Nam's clean energy transition and commitment to accelerating efforts to reduce emissions and achieve ambitious climate targets. The United States will continue to support Vietnam in this important endeavour to create the foundation and investment environment for a dynamic and just green economy and cleaner future for the Vietnamese people.” 

For more information

Remarks by President von der Leyen on the Just Energy Transition Partnership with Vietnam at COP28

Resource Mobilisation Plan

Commission President Ursula von der Leyen today hosted a high-level event at COP28 to promote the development of carbon pricing and carbon markets, as powerful instruments to reach the Paris Agreement objectives. It builds on the Call to Action for Paris-aligned Carbon Markets that the European Commission, Spain and France launched in June 2023.

President of the European Commission, Ursula von der Leyen said today: “Carbon pricing is the centrepiece of the European Green Deal. In the European Union, if you pollute, you have to pay a price for that. If you want to avoid paying that price, you innovate and invest in clean technologies. And it works. Since 2005, the EU ETS has reduced emissions in the sectors covered by over 37%, and raised more than €175 billion. Many countries around the world now embrace carbon pricing, with 73 instruments in place, covering a quarter of total global emissions. This is a good start, but we must go further and faster. The EU is ready to share its experience and help others in this noble task.” 

The President of the World Bank Mr Ajay Banga, Director General of the World Trade Organisation Dr Ngozi Okonjo-Iweala, and the Managing Director of the International Monetary Fund, Ms Kristalina Georgieva all participated in today's European Commission event, which marks a new phase in cooperation on carbon pricing. The four organisations all underlined the importance of carbon pricing for the climate and for a fair transition. Today's event also included interventions from Prime Minister of Spain, Pedro Sanchez, and President of Zambia, Hakainde Hichilema, who shared their country's perspective on the challenges and benefits of further developing carbon pricing and ensuring the high integrity of international carbon markets.

The Commission will continue to provide technical support to countries that wish to introduce carbon pricing regimes in their domestic legislation, and to help them to build robust approaches to international carbon markets that are consistent with their long-term climate and development strategies. Carbon credits must be based on common and robust standards that ensure an effective reduction of emissions through transparent and verified projects. Following today's event, COP28 should play an important role in setting a benchmark for international and voluntary carbon markets that would ensure their added value and reliability while promoting an equitable sharing of the benefits between participants. We need a credible standard that drives transformational investment, respects environmental limits, and avoids lock-in to unsustainable levels of emissions or unjustified reliance on vulnerable removals.

Background

Carbon pricing is a central part of the EU's successful and ambitious climate policies, implemented through the EU Emissions Trading System (EU ETS). Putting a price on greenhouse gas emissions is a fair and economically efficient way to reduce them, as it penalises polluters and incentivises investment in clean technologies. Carbon pricing also generates revenues for public sector invest in climate action. In sectors covered by the EU ETS, emissions have fallen by over 37% since its introduction in 2005 and revenues from the EU ETS have reached €175 billion. Since 1990 the EU's total emissions have fallen by 32.5%, while our economy has grown by around 65%, underlining how we have decoupled economic growth from emissions. Emissions trading will soon apply to new sectors in Europe under recently agreed reforms, extending to maritime and aviation, and later to fuels for buildings and road transport.

The Call to Action on Paris-aligned Carbon Markets was launched at the Summit for a New Financial Pact hosted by France in June 2023. So far 31 countries (EU27 + Barbados, Canada, Cook Islands and Ethiopia) have expressed their support for the Call. The Call includes three elements: 1) commitment to expansion and deepening of domestic carbon pricing and carbon market instruments; 2) Support to host countries for full implementation of the agreed rulebook for international compliance markets, and; 3) ensuring high integrity in voluntary carbon markets. The Call builds on and compliments existing initiatives such as Canada's Global Carbon Pricing Challenge, which the EU formally joined at the EU-Canada Summit on 24 November, the G7 High Integrity Principles, as well as the Paris Agreement's Article 6 rules.

Related links

Speech of President von der Leyen at the High Level Event on Carbon markets

Call to Action on Paris-aligned Carbon Markets

Quote(s)

Carbon pricing is the centrepiece of the European Green Deal. In the European Union, if you pollute, you have to pay a price for that. If you want to avoid paying that price, you innovate and invest in clean technologies. And it works. Since 2005, the EU ETS has reduced emissions in the sectors covered by over 37%, and raised more than €175 billion. Many countries around the world now embrace carbon pricing, with 73 instruments in place, covering a quarter of total global emissions. This is a good start, but we must go further and faster. The EU is ready to share its experience and help others in this noble task.

Ursula von der Leyen, President of the European Commission - 01/12/2023

At the COP28 UN Climate Change Conference starting on 1 December in Dubai, the European Union will call on all Parties to take urgent action to bring down greenhouse gas emissions this decade and respect the commitments they made under the Paris Agreement to limit global warming to below 2°C, and to aim for 1.5°C.

President von der Leyen will attend the World Climate Action Summit that officially opens COP28 on 1-2 December. On 1 December in the EU Pavilion, she will host a high-level event on promoting Paris-aligned carbon markets, with the International Monetary Fund, World Bank and World Trade Organisation, as well as a launch event for EU-Catalyst breakthrough energy projects, and an event on the Just Energy Transition Partnership with Vietnam. On 2 December, President von der Leyen will launch the Global Pledge on Renewables and Energy Efficiency together with the COP28 Presidency, aiming to triple installed renewables capacity and double energy efficiency measures by 2030. She will also speak at the Super-Pollutants Summit, attend the Coal Transition Accelerator (CTA) initiative event, participate in the Global Stocktake roundtable on Means of Implementation, and deliver the official EU Statement in Plenary, with President of the European Council Charles Michel.

From 6 December onwards, Commissioner for Climate Action Wopke Hoekstra will lead the EU negotiating team in the formal decision-making process of COP28. COP28 will mark the culmination of the first Global Stocktake under the Paris Agreement, a moment for all Parties to examine the progress made and the necessary actions to correct our course towards a safer climate and uphold the goals of the Paris Agreement. The EU will be encouraging all partners to agree to global energy goals that seek to accelerate the phaseout of unabated fossil fuels, as part of increasing global ambition on climate change mitigation. The EU's negotiating goals include:

• tripling global renewable energy capacity and doubling energy efficiency improvement rates by 2030;
• reaching  agreement on phasing out unabated fossil fuels;
• making sure that fossil fuel consumption peaks ahead of 2030;
• phasing out fossil fuel subsidies that do not address energy poverty or the just transition.

The Global Stocktake must also set the clear expectation that Parties will immediately begin work on post-2030 targets (NDCs) and that these represent economy-wide reductions in all greenhouse gases consistent with avoiding a 1.5°C temperature rise and a net-zero global economy by mid-century. In addition, the European Union's negotiating team will push for the speedy implementation of existing commitments to move from ambitious words to concrete actions, including through the advancement of the Mitigation Work Programme to urgently scale up mitigation ambition and implementation in this critical decade.

On adaptation to climate change, the EU is committed to achieve clear progress towards the Global Goal on Adaptation (GGA). Nature-based solutions play a crucial role in enabling adaptation to climate change and preserving biodiversity in line with the Kunming-Montreal Global Biodiversity Framework signed last year.

On the issue of loss and damage, the EU will continue to seek effective solutions to meet the diverse needs of vulnerable countries already facing the effects of climate change. The EU will seek to build on the momentum from the recent agreement on a loss and damage fund. The EU is committed to making the fund operational, with a broad donor base, and will be ready to take the lead in contributing to it, in the context of ambitious outcomes at COP28, including on mitigation.

We will work with developed countries to ensure they increase climate finance contributions to continue to meet the annual $100 billion target. In 2022, the EU contributed a record €28.5 billion in public climate finance (around $30 billion). Globally, preliminary data from the OECD suggests the $100bn goal has been met in 2022, but developed countries will need to continue to increase their contributions to ensure global climate neutrality can be reached early in the second half of this century.

The Commission will host almost 100 Side Events at the EU Pavilion in Dubai. These events will address a broad range of climate-related issues, such as biodiversity protection and nature restoration, energy security and the green transition, clean transport, carbon markets, sustainable finance, food and water security, and research and innovation. Several members of the College of Commissioners will take part in these and other events at COP28, including Executive Vice-President Maroš Šefčovič (1-6 December), Vice-President Dubravka Šuica (8 December), Commissioner Johannes Hahn (2-3 December), Commissioner Janez Lenarčič (3 December), Commissioner Kadri Simson (3-5 December), Commissioner Virginijus Sinkevičius (9 December). Their full agendas will be found online here.

Background

Under the 2015 Paris Agreement, 194 countries agreed to submit Nationally Determined Contributions (NDCs) which represent their individual emissions reduction targets. Collectively, these NDCs should contribute to keeping average global temperature change below 2°C and as close as possible to 1.5°C by the end of the century. The 2022 reports from the UN's Intergovernmental Panel on Climate Change (IPCC) warned that the world is set to reach the 1.5ºC level within the next two decades and that only the most drastic cuts in carbon emissions from now would help prevent an environmental disaster. This level of temperature rise would have extremely harmful effects that pose an existential challenge.

The European Union is a global leader in climate action, having already cut its greenhouse gas emissions by 32.5% since 1990, while growing its economy by over 60%. With the European Green Deal presented in December 2019, the EU further raised its climate ambition by committing to reaching climate neutrality by 2050. This objective became legally binding with the adoption and entry into force of the European Climate Law, in July 2021. The Climate Law also sets an intermediate target of reducing net greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. This 2030 target was communicated to the UNFCCC in December 2020 as the EU's NDC under the Paris Agreement.

In 2021, the EU presented a package of proposals to make its climate, energy, land use, transport and taxation policies fit for reducing net greenhouse gas emissions by at least 55% by 2030. With most of these proposals now fully adopted, the EU and its Member States have turned their focus to implementing these policies in order to advance the green transition. The European Union submitted an update of its NDC on the 16 October to show that it is on a path to overachieve its 55% reduction in greenhouse gas emissions by 2030 from 1990 levels. According to the Commission's estimates, the full implementation of the ‘Fit for 55' legislation will lead to a 57% reduction. The next round of nationally determined contributions should be submitted by 2025, for post-2030 emissions reductions.

Climate finance is critical to support vulnerable communities to protect themselves against the impacts of climate change and to support sustainable economic growth. Developed countries have committed to mobilise a total of $100 billion of international climate finance per year from 2020 until 2025 to help the most vulnerable countries and small island states in particular, in their mitigation and adaptation efforts. The EU is the biggest donor with a steadily rising contribution to around a third of the target. Other donor countries must step up their efforts and meet the remaining shortfall.

For More Information
EU negotiating mandate to COP28
EU at COP28 Side Events Programme
Just Energy Transition Partnership with Vietnam

Today in Brussels, EU Climate Commissioner and Chief COP28 Negotiator Wopke Hoekstra met with COP28 President Designate Dr Sultan Al Jaber to discuss the preparations for COP28, which will take place in Dubai, United Arab Emirates, from 30 November to 12 December.

They underscored their shared conviction that COP28 must accelerate practical action on mitigation, adaptation, loss and damage and climate finance and build a fully inclusive COP28 that leaves no one behind.

They reconfirmed their commitment to work together to facilitate the highest possible ambition at this year's UNFCCC conference, and agreed on the importance of several critical elements that could frame an ambitious COP28 outcome:

• They agreed on the importance of the successful completion of the first Global Stocktake under the Paris Agreement which should mark a turning point on climate action in this critical decade and inform immediate and future climate action, including the next round of NDCs, and clear pathways to achieve emissions reductions, enhance resilience and necessary finance flows.
• The Commissioner and the COP28 President welcomed the very positive outcome of the Transitional Committee in Abu Dhabi. The Commission reaffirmed its support for this outcome and recommendations made by the Committee.
• The COP28 Presidency and the Commissioner emphasised the importance of operationalising the Loss and Damage funding arrangements at COP28 including early pledges.
• The Commissioner is ready to announce substantial financial contribution by the EU and its Member States to the loss & damage fund at COP28 in the context of an ambitious outcome at COP28 across mitigation, adaptation and means of implementation in a way that leaves no one behind.
• The Commission is also planning to announce a financial contribution in support of the COP28 Renewable Energy and Energy Efficiency pledge and invites countries to do the same during the World Climate Action Summit.
• The COP28 Presidency and the Commissioner emphasised the need for significant progress on enhanced adaptation action that builds resilience and reduces vulnerability, with a robust outcome on the Global Goal on Adaptation at COP28.

Commissioner Hoekstra and Dr Sultan reemphasised that the depth and breadth of the UAE and EU relations and the trust established over decades of partnership are critical to our ability to work together and achieve our collective effort of an ambitious outcome at COP28.

Both parties emphasised that COP28 is a critical opportunity to show unity and restore faith in multilateralism in a world that is polarised through a positive, action-oriented engagement and outcomes.

This press release has been updated on 17 October 2023 to include the Council conclusions.

The Council today approved conclusions that will serve as the EU’s general negotiating position for the 28th United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, from 30 November to 12 December 2023.

In its conclusions, the Council highlights the opportunities that ambitious climate action brings for the planet, the global economy and the people, and the importance of ensuring a just transition towards sustainable climate-resilient and climate-neutral economies and societies that leaves no one behind.

Today we send a strong message to our partners: the EU is the global leader on climate action. In Dubai, we will be at the forefront of the negotiations to show the EU’s strongest commitment to the green transition and encourage our partners to follow our lead. The EU is a driving force for change and we have to speak with a single voice in the world. We can simply not use difficulties as an excuse to turn back to a pre-Paris agreement situation.

Teresa Ribera Rodríguez, acting Spanish third vice-president and minister for the ecological transition and the demographic challenge

Increasing global ambition towards climate neutrality

Member states highlight the importance of substantially scaling up global climate ambition to keep the 1.5°C objective within reach, in line with the Paris Agreement. They stress that collectively, Nationally Determined Contributions (NDCs) and their updates are currently not sufficient to reach the objective, and point out that all Parties should have revisited and strengthened their NDCs or updated their long-term low GHG emission development strategies (LTS) ahead of COP28. In particular, major economies should have enhanced the ambition of their NDCs and updated their LTS to include a net-zero emissions target to be reached by 2050 at the latest.

In this context, the Council welcomes the submission to the UN framework convention on climate change (UNFCCC) of an updated EU NDC reflecting the essential elements of the ‘Fit for 55’ package, which have all been agreed on and will enable the EU to reduce its net GHG emissions by at least 55% by 2030 compared to 1990 levels and achieve climate neutrality by 2050 at the latest.

Phasing out fossil fuels and increasing renewable energy capacity

The Council stresses that the transition to a climate-neutral economy will require a global phase-out of unabated fossil fuels and a peak in their consumption in this decade. It highlights the importance of having the energy sector predominantly free of fossil fuels well before 2050, as well as of striving for a fully or predominantly decarbonised global power system in the 2030s, leaving no room for new coal power, since cost-effective emissions reduction measures are readily available. It also calls for a phase-out as soon as possible of fossil fuel subsidies which do not address energy poverty or just transition.

The Council calls for global action towards the tripling of installed renewable energy capacity to 11 TW and the doubling of the rate of improvement in energy efficiency by 2030, while respecting each country’s national energy mix. It stresses that cooperation with developing nations is essential to address the challenges and secure the benefits of the transition.

Greater efforts towards climate mitigation and adaptation

The Council emphasises the importance of successfully conducting the first Global Stocktake at COP28, which is a core element of the Paris Agreement and includes specific recommendations for enhanced, immediate and ambitious action on climate mitigation and adaptation. Furthermore, the ministers welcome the launch of the mitigation work programme (MWP) and the just transition work programme, as well as the dialogue on the global goal on adaptation.

In this context, the Council reiterates the importance for all parties of making greater efforts to integrate climate change adaptation and resilience into existing policies and programmes within all relevant sectors. It highlights the increasing efforts by the EU and member states to implement adaptation strategies and plans, mainstreaming adaptation across EU sectoral policies through the EU Adaptation Strategy.

Climate finance to address loss and damage

Member states acknowledge the efforts by many countries and institutions to finance a host of solutions to address loss and damage from the adverse impacts of climate change. They recognise that the existing funding arrangements need to be strengthened and note the potential of the multilateral development banks and the international financial institutions in this regard. Ministers call on all countries to scale up their efforts to mobilise financing from all sources to support climate action. They also look forward to the discussion on climate finance at the Economic and Financial Affairs Council (ECOFIN) meeting of 17 October 2023.

In addition, the EU is determined to work with all parties to:

- continue promoting the implementation of the enhanced transparency framework
- foster an inclusive discussion on the future of UNFCCC focusing on improving the efficiency of the process and facilitating participation
- advance the ambitious implementation of the Glasgow work programme on action for climate empowerment (ACE) and its action plan
- address the gender dimension to leverage the full potential of climate policies
- further discussions under the Sharm El-Sheikh Joint Work programme on the implementation of climate action in agriculture and food security.

Background

The main agenda items of COP28 are expected to be:

• the first global stocktake
• the mitigation work programme
• the global goal on adaptation
• climate finance, including financial arrangements for Loss and Damage

Every year, the Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) meets to determine climate ambition and responsibilities, and identify and assess climate measures.

The EU and its member states are parties to the Convention, which counts 198 Parties (197 countries plus the European Union) in total. The rotating presidency of the Council, together with the European Commission, represent the EU at these international climate summits.

On 17 October, the Council will seek to approve conclusions on climate finance ahead of the COP28 climate conference. These conclusions aim to complement the EU’s general mandate described in this press release