EU ministers finalize negotiating position for COP29 climate summit

EU environment ministers have finalized their negotiating position for the upcoming COP 29 climate summit in Azerbaijan. The summit will focus on establishing a new climate financing goal to replace the current $100 billion annual commitment from wealthy nations to developing countries. Ministers met in Luxembourg to discuss the funding needs, with vulnerable countries seeking a larger goal. However, the EU and Canada view a significant increase in public funding as unrealistic, emphasizing the need for private investment to lead the green transition. The COP29 chief negotiator noted that the total funding required is in the trillions, but a realistic public sector goal is in the hundreds of billions. The EU has previously urged China to contribute to climate finance, despite its classification as a developing nation by the U.N.