COP29: A positive financial outcome but lack of ambition

The Party of European Socialists (PES) supports the final COP29 text, which increases climate funding and resources to developing countries, but regrets the lack of ambition and urgency. This is our conclusion after the United Nations Climate Change Conference officially ended in Baku, Azerbaijan. Also dubbed the "finance COP", the key priorities on the COP29 agenda included a greater commitment to climate finance, transitioning away from fossil fuels, and securing a "New Collective Quantified Goal" (NCQG) to financially support developing countries and vulnerable communities that are significantly impacted by climate change.

PES President Stefan Löfven said:

"COP29 took place at a critical time. In Europe, we recently witnessed extreme weather changes and flood damage in Valencia and in other parts of Spain, Portugal, and central Europe. We welcome the COP29 outcomes to increase climate finance and support to developing countries, but more can be done as we face further repercussions from climate change.''

European Socialists and Democrats are fully committed to preventing further damage from climate change, especially now, when the far-right in Europe, and around the world are attacking the Green Deal and watering down crucial environmental initiatives, such as the latest amendments to the EU deforestation law.

We need climate funding, collective action, and burden-sharing from global economic powers. With Donald Trump re-entering the White House in January, progressives must work together to realise green objectives. This is why we need to strengthen our global cooperation with the US, the biggest economies in South America, in Asia, and across the globe through our partners in the Progressive Alliance and other progressive international organisations.

The PES has always led the way in delivering a fair and just green transition, where no one is left behind. Through the Green Deal, we are delivering policy initiatives that are in line with the requirements set by the Paris Agreement and ensure that we achieve climate neutrality by 2050 at the latest. Climate change is at the top of our agenda, and we believe that the international community must commit to the United Nations Framework Convention on Climate Change and the Paris Agreement to ensure that global warming does not surpass 1.5°C by the end of the century. The PES will continue to stand as a progressive force and work with the international community to create a progressive majority worldwide and continue to fight for global climate action.