The EU plans to urge China and other wealthy emerging economies to increase their financial contributions to climate action during the COP29 summit.
Zia Weise reports for POLITICO.
In short:
- The EU's draft position for COP29 seeks contributions from newly wealthy nations to aid developing countries in climate action.
- China, the world's second-largest economy and top greenhouse gas emitter, is a focus for increased financial support.
- The EU emphasizes that most of the required investment should come from private sources, not national budgets.
Key quote:
"Such broadening of contributions provides an opportunity to increase the finance to support the most vulnerable countries and communities and reflects strong global solidarity towards them."
— Draft of the EU's COP29 position document
Why this matters:
Encouraging contributions from China and other emerging economies could significantly boost funding for climate initiatives. As climate change impacts intensify, equitable financial support is crucial to aiding vulnerable nations in mitigating and adapting to global warming challenges.
