The resolution, adopted with 54 votes in favour, 23 against and four abstentions, calls on all countries to agree on a post-2025 new collective goal on climate finance at COP29. This goal should be socially fair, aligned with the polluter-pays principle, and based on a variety of public, private and innovative sources of finance, say MEPs. They reiterate Parliament’s request for a predictable EU finance mechanism to provide adequate support to meet the EU’s climate finance commitments.

Phase out fossil fuels and related subsidies

MEPs want COP29 to coordinate an “unambiguous signal” as a follow-up to the COP28 commitment to transition away from fossil fuels. The text underlines that phasing out fossil fuels is both necessary and technologically feasible. MEPs encourage all countries to also phase out all direct and indirect fossil fuels subsidies as soon as possible and reallocate these resources towards climate action.

Adopt carbon-pricing mechanisms worldwide

MEPs…