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REACTION: European Parliament Urges EU to Ramp Up Climate Action and Finance Ahead of COP28

REACTION: European Parliament Urges EU to Ramp Up Climate Action and Finance Ahead of COP28
In a pivotal plenary vote on its Resolution for the UN Climate Change Conference 2023 in Dubai (COP28), the European Parliament set out its priorities to address the pressing climate crisis. Members of the European Parliament (MEPs) emphasised the urgent need for a tangible phase out of fossil fuels as soon as possible to keep the 1.5°C target within reach, including an immediate halt to all new investments in fossil fuel extraction. This commitment was complemented by a strong call for a time-bound phaseout of all direct and indirect fossil fuel subsidies by 2025 at the latest, alongside the adoption of ambitious targets to significantly increase renewable energy capacity and improve energy efficiency. Furthermore, MEPs called on the European Commission and Member States to ensure the achievement and disbursement of the $100 billion climate finance goal for contributions to developing countries, emphasising the importance of lessons learned in designing the post-2025 climate finance goal. They called for additional and adequate climate finance, prioritising grant-based financing, and exploring goals for loss and damage, adaptation, and mitigation. Acknowledging the outcomes of the Loss and Damage Transitional Committee recommendations, MEPs underlined the need for the European Commission and Member States to address and clarify remaining gaps and shortcomings at COP28. They called for the operationalisation of the Loss and Damage Fund at COP28 with meaningful participation from civil society and communities, ensuring its adequate capitalisation through new, additional, and predictable funding, grants separate from humanitarian aid. MEPs emphasised the need for the EU to deliver its fair share of finance through multi-year pledges and to introduce more sustainable financing by channelling new sources of finance based on the polluter pays principle, urging Member States to dedicate a share of their EU Emission Trading System revenues to loss and damage.

“The Members of the European Parliament, directly elected by European citizens to represent their interests, recognise the imperative for the EU to strengthen its plan on finance for a strong outcome at COP28. This entails scaling up international climate finance contributions, enhancing and capitalising the new Loss and Damage Fund in line with global climate justice, and phasing out all fossil fuel subsidies by 2025 at the latest. 

MEPs also understand that people expect COP28 to deliver on phasing out fossil fuels comprehensively. They call for a decisive outcome on this front, urging for an immediate phase out of fossil fuels, coupled with a complete halt to all new investments in fossil fuel extraction. We urge European governments and the European Commission to align with  these key demands during their negotiations at COP28 and partner with other countries to achieve these results”, said Chiara Martinelli, Director, Climate Action Network (CAN) Europe

While the European Parliament does not possess formal negotiating power at the United Nations Framework Convention on Climate Change, it still proactively influences the global climate agenda by sending a dedicated delegation to the COP, which is mandated to act on the resolution adopted. Contact Seden Anlar, Communication Coordinator: seden.anlar@caneurope.org, communications@caneurope.org Notes: