CO2 QUOTE Closing from 10-02-2025 80,96 €/T

The EU’s big challenge at COP29: making China a climate donor

The European Union is heading into the Baku Climate Summit (COP29) on Monday with the goals of agreeing on the rich-to-poor climate finance system from 2025 and getting China to agree to join the donor group, given the Asian giant’s socio-economic boom. The EU bloc has approved a negotiating mandate for the current and future Commissioner for Climate Action, the Dutchman Wopke Hoestra, who will represent the EU at the summit to be held in the capital of Azerbaijan between Monday 11 and 22 November. These guidelines do not reveal how much money the EU is willing to provide in transfers to developing countries and small island states to help them face the challenges of climate change, because that point will be part of the negotiation at the UN summit. The most important thing, according to Hoekstra, will be to make sure that, overall, “more money is put on the table” and “that the money reaches those who need it most, such as small island states and least developed countries, particularly in Africa,” as well as “lengthening the taxpayer base.”

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