Members of the European Parliament (MEPs) have made a decisive move ahead of UN Climate Change Conference COP28, securing 462 votes in favor. The resolution outlines strategic objectives for the EU, calling for an immediate end to direct and indirect fossil fuel subsidies globally by 2025.
🚫 Swift Action on Fossil Fuels
MEPs push for the cessation of fossil fuel subsidies at national, EU, and global levels “as soon as possible and by 2025.” This ambitious step aligns with Paris Agreement goals and aims to expedite the transition to renewable energy.
🌐 Global Targets for Renewable Energy and Efficiency
The resolution sets a global target to triple renewable energy and double energy efficiency by 2030. It emphasizes a prompt phase-out of fossil fuels and a halt to new investments in fossil fuel extraction.
💰 Urgency in International Climate Financing
MEPs stress the need for increased international climate financing, urging all countries to strengthen their climate commitments and contribute their fair share.
🌿 Biodiversity and Emission Reduction
MEPs underline the importance of protecting biodiversity and reducing emissions, particularly in sectors like methane, international shipping, aviation, agriculture, and defence.
📆 Next Steps: COP28 in Dubai
This resolution guides Parliament’s delegation at COP28 in Dubai from November 30 to December 12, 2023, providing a key platform to review the Paris Agreement progress and conduct the first Global Stocktake.
🌎 Background: Paris Agreement and Stocktake
The Paris Agreement, in force since November 4, 2016, sets the stage for global climate action. COP28 concludes the first Global Stocktake, offering an overview of worldwide efforts against climate change.
This resolution signifies the EU’s commitment to transformative change. As the world converges at COP28, the global community has a unique opportunity to collectively address climate challenges and work toward a greener, more sustainable future.
Source: European Parliament, 21 Nov 2023, COP28: MEPs want to end all subsidies for fossil fuel globally by 2025. [Available at: https://www.europarl.europa.eu/news/en/press-room/20231117IPR12108/cop28-meps-want-to-end-all-subsidies-for-fossil-fuel-globally-by-2025]
Photo: Ben Wicks, Unsplash.
