BRUSSELS — The European Union plans to pressure emerging economies such as China to contribute funding for climate action in developing nations at global negotiations in November, according to a document seen by POLITICO.
Financing is at the center of this year’s United Nations climate conference, known as COP29, with developing countries clamoring for a significant increase in funds to help them cut emissions and prepare for the consequences of global warming.
The current funding pledge of $100 billion a year — which runs until 2025 and needs to be replaced with a new target at COP29 — is financed by countries classified as industrialized when the U.N. climate treaty was drawn up in 1992.
The EU is the largest contributor and intends to continue providing funding, but wants countries that have become wealthier in the past three decades to chip in as well, according to a draft of the bloc’s COP29 position obtained by POLITICO.
