By Faridat Salifu
The European Union (EU) has harped on the need for the fossil fuel industry to shoulder a portion of the financial burden in combating climate change in developing nations.
The call was made at the EU foreign affairs ministers meeting on Monday in Brussels.
The EU is advocating for a diversified funding approach, asserting that public funding alone cannot meet the escalating costs associated with addressing climate-related challenges such as heatwaves, droughts, and sea-level rise.
The Ministers noted that as nations gear up for the U.N. climate summit in Baku, Azerbaijan, scheduled for November this year, there is the need to establish a new global target for climate finance.
In a joint statement issued during the meeting, the EU member state foreign affairs ministers emphasized the need for additional, innovative sources of finance, including contributions from the fossil fuel sector and other high-emission industries.
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This approach, they said, aims to ensure a robust financial framework for supporting climate adaptation and mitigation efforts in vulnerable regions.
The statement also reaffirmed the EU’s stance on equitable financial contributions, urging large emerging economies and high-emission countries to participate in financing climate action initiatives.
This includes nations like China and Middle Eastern states, which have significant carbon footprints and per-capita wealth.
The forthcoming COP29 climate summit is poised to address key issues surrounding financial commitments and obligations, with the question of financial contributions expected to be a central focus.
The urgency of the matter is underscored by projections indicating that the new climate finance target will surpass the existing commitment of $100 billion per year from wealthy nations, a target that has not been met on time.
Already, the Organization for Economic Cooperation and Development (OECD) estimates that actual climate investment needs in developing nations could reach $1 trillion annually by 2025, underscoring the magnitude of the challenge ahead.
