EU's Position on Fossil Fuel Transition and Climate Finance

Hoekstra was clear in rejecting any attempts to dilute the transition away from fossil fuels, a central issue from last year's COP28 agreement in Dubai. He stressed that the EU would continue to lead by example in mitigating climate change, though he declined to specify the financial contributions that the EU would be prepared to make toward developing countries' efforts to reduce their reliance on fossil fuels and adapt to climate impacts.

• No Clear Financial Commitment Yet:
  While negotiations continue, Hoekstra avoided commenting on a specific financial goal for the upcoming New Collective Quantified Goal (NCQG) for climate finance. The NCQG is set to replace the $100 billion per year climate finance commitment made in 2009, which was only met in 2022. Azerbaijan has proposed a target between $200-300 billion, but EU officials have not confirmed any figures, emphasizing that the precise amount should be settled only once a clear framework is agreed upon.
• China's Role in the NCQG:
  Hoekstra suggested that wealthy nations might adopt a more flexible, voluntary system for countries like China, which have seen significant industrial growth and might no longer fit the traditional "developing country" label in climate negotiations.

Maintaining Fossil Fuel Commitments

Hoekstra made it clear that the EU will not accept any backpedaling on the global agreement reached last year at COP28 in Dubai. The agreement called for a transition away from fossil fuels, but did not set a firm date for this transition. Hoekstra insisted that this agreement must be honored and that there should be no attempts to "drift away" from the consensus.

• A Strong Position on Mitigation:
  He emphasized that the importance of reducing emissions and phasing out fossil fuels should remain central to future climate negotiations. Hoekstra remarked that climate negotiations are built on the expectation that countries will fulfill the agreements they sign, reinforcing the need for concrete actions on climate finance and emission reductions.

Support from the European Parliament

Alongside Hoekstra, Lidia Pereira, head of the European Parliament's delegation to COP29, expressed confidence that the UAE, as this year's presidency holder, would remain a strong advocate for maintaining the commitments on fossil fuel transition made during their presidency in 2023. This shows a united front among EU officials regarding the need for ambitious climate action.

Conclusion: The EU's Role in Global Climate Finance

As COP29 unfolds, the EU is making it clear that it will not accept any compromises that undermine the commitment to a global transition away from fossil fuels. While specific financial figures for the NCQG are still under discussion, the EU has emphasized the necessity of fulfilling commitments on climate finance and maintaining momentum on the issue of fossil fuel phase-out. The next steps in the climate negotiations will likely focus on securing the necessary financing for developing countries, while ensuring that global agreements on fossil fuels remain firmly in place.