EU pledges funds for developing countries ahead of Azerbaijan summit

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🗞️ Driving the news: Ahead of the COP29 summit in Baku, EU finance ministers have pledged to maintain their contribution to the annual $100 billion fund aimed at helping developing countries tackle climate change
• Ministers emphasized their "constructive engagement" in upcoming talks on increasing financial support post-2025

🔭 The context: Despite delays, developed nations met the $100 billion annual target in 2022, but debate continues on a new goal beyond 2025
• The EU and others are pushing for broader contributions, including from major polluter China, while NGOs like Greenpeace demand accountability from the fossil fuel industry

🌍 Why it matters for the planet: Developing countries are on the frontlines of climate change, yet they often lack the resources to cope
• Securing increased financial support is crucial to addressing global climate impacts and advancing climate justice

⏭️ What's next: The EU will finalize its position for COP29 at a meeting on October 14, where discussions will focus on future climate finance and holding major polluters accountable

💬 One quote: "It’s time for governments and the EU to hold [big polluters] accountable and make them pay for the damage and suffering they cause" - Lorelei Limousin of Greenpeace EU

📈 One stat: The global total for climate finance reached $116 billion in 2022, with about a quarter provided by the EU

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