In advance, many feared that the EU countries would not agree on a common position regarding how global climate measures should be financed, and who should finance them.
– Geopolitical and multilateral cooperation is not exactly the thing of the month now. So there is a danger that we will not agree. We must not be blindly optimistic, said the Irish Environment Minister Eamon Ryan, according to the Swedish news agency TT.
But the environment ministers gathered in Luxembourg still managed to agree on a common negotiating position and a mandate for EU climate commissioner Wopke Hoekstra ahead of the next climate summit COP29 in Azerbaijan’s capital Baku from 11 to 22 November.
Among other things, they agreed that private investment must contribute the majority of the financing needed for the green shift.
It was emphasized that it is unrealistic to expect the public sector to be able to cover the need of thousands of billions of dollars, and that a more realistic target is hundreds of billions.
Hoekstra is clear that, for example, China and oil-rich Arab countries must pick up a larger part of the bill.
– What we need is not only measures from the European side, but also that we can ensure that others who can pay, come forward and take responsibility, Hoekstra said on the way into the meeting in Luxembourg.
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