EU Council approves conclusions ahead of COP29

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🗞️ Driving the news: The European Council has approved conclusions on climate finance ahead of COP29 in Baku, Azerbaijan
• The EU reaffirmed its commitment to mobilizing $100 billion annually in climate finance through 2025 and is pushing for ambitious new financial targets beyond that date

🔭 The context: COP29 will focus on setting New Collective Quantitative Goals (NCQGs) for climate finance after 2025
• The EU, the largest international climate finance contributor, has more than doubled its support to developing countries since 2013
• The 2023 EU climate finance figure is yet to be finalized but will be shared before the summit

🌍 Why it matters for the planet: Adequate climate finance is crucial for supporting developing nations in mitigating and adapting to climate change impacts
• The EU’s leadership in climate finance underscores its commitment to achieving global climate targets and addressing inequalities in climate action

⏭️ What's next: COP29 will feature negotiations to finalize post-2025 climate finance goals, building on the existing $100 billion annual commitment
• The EU is preparing a comprehensive mandate for its negotiators to push for stronger financial pledges

💬 One quote: “The EU and its member states are committed to the current goal of developed countries to collectively mobilize $100 billion per year in climate finance until 2025”

📈 One stat: The EU and its member states have more than doubled their contribution to climate finance since 2013

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