EDF Statement on COP29 Outcome, New Climate Finance Goal, Article 6

Baku, Azerbaijan - "The climate crisis demands bold leadership, decisive action, and inclusive processes-not hesitation and half-measures. The outcome falls well below the expectations of developing countries. It's going to be essential to rebuild the trust and engagement required to build global momentum for climate action.

The upcoming COP30 in Belém, Brazil requires the international community to set higher standards for climate action through comprehensive plans and concrete steps to bring them into action and match the magnitude of our challenge.

This moment serves as a wake-up call: between COP30 and 2030, we must fundamentally transform our economies and societies. The need to accelerate climate action across all fronts has never been more urgent."

-Angela Churie Kallhauge, Executive Vice President, Impact, and former Swedish negotiator on adaptation and resilience issues.

EDF STATEMENT ON THE NEW COLLECTIVE QUANTIFIED GOAL FOR CLIMATE FINANCE

"The facts are undeniable, the targets of $300 billion by 2035 and the planned $1.3 trillion roadmap don't address the urgent demands economic forecasts indicate. The new finance framework is an engine for climate action, but lacks sufficient fuel to achieve its goals. Countries must now overcome political barriers and secure resources, particularly to support ambitious climate plans in the coming year. We need specific measures to make funding more equitable, accessible, and affordable-especially for vulnerable nations through grants and concessional financing. The priority must be reforming climate finance to better serve developing countries, maximize the impact of every dollar, and speed up implementation."

- Juan Pablo Hoffmaister, Associate Vice President for Global Engagement & Partnerships, and former negotiator on adaptation for G77 developing countries

STATEMENT ON ARTICLE 6

"The Adoption of Article 6 is a historic milestone in establishing carbon market cooperation to boost ambition and mobilize urgent climate finance. However, we need critical fixes on Article 6.4 standards to ensure nature-based solutions - and the communities protecting these resources - aren't sidelined.

The Article 6.4 Supervisory Board must get these standards right, and that may require further refinements in 2025. These standards must prioritize robust engagement with Indigenous Peoples and local communities.

Climate justice and social safeguards can't be afterthoughts - they are fundamental to the success and fairness of these mechanisms."

- Pedro Martins Barata, Associate Vice President for Carbon Markets and Private Sector Decarbonization, and former negotiator for Portugal on carbon markets

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