The European Union is planning to exert pressure on emerging economies such as China in the upcoming 29th United Nations Climate Change Conference (COP29) in November. The EU aims to urge these countries to provide funding for climate actions in developing nations.
According to a report by Politico on Wednesday, the draft position proposed by the EU for the summit shows that the EU believes that wealthy emerging economies must contribute funds to climate action plans.
Financing has become a central issue at the United Nations climate conferences this year. Developing countries are requesting significant increases in funding to help them reduce emissions and prepare for the consequences of global warming.
Currently, the annual commitment of $100 billion in funding will continue until 2025, after which new targets will replace it. This funding was provided by industrialized countries when the United Nations Framework Convention on Climate Change was drafted in 1992.
The draft position for COP29 on July 26 shows that the EU is the largest contributor to climate action funds. The EU hopes that countries that have become wealthier over the past 30 years will also participate.
The draft states, “Expanding the scope of contributions offers an opportunity to increase funding for the most vulnerable countries and communities, reflecting global support for these countries and communities.”
EU officials believe that the November summit is the time to fundamentally break down the outdated distinction between rich and poor countries, urging all countries, including emerging economies, to contribute to the new targets according to their financial capacity.
While the draft does not mention any specific country, EU officials have been trying to persuade Beijing to provide funding. China, as the world’s second-largest economy and the largest emitter of greenhouse gases contributing to global warming, is seen as having the capability to make significant contributions.
Last week, Germany’s senior climate negotiator Jochen Flasbarth stated that only when China starts contributing financially will wealthier nations increase their funding.
It is reported that last year, the Chinese Communist Party rejected requests from the United States, the EU, and their allies to donate funds to support affected communities.