At the COP28 climate conference, the European Union pledged to allocate more than €22.8 billion to reduce methane emissions and support the energy transition of countries around the world, including Africa.
At the summit, world leaders agreed to abandon fossil fuels and reduce global emissions by 43% by 2030, the European Commission reports.
It is noted that the COP28 participants reaffirmed their commitment to achieve the goals of the Paris Agreement and limit the rise in global average temperature to 1.5°C. They also agreed to take urgent action in the critical decade, i.e. by 2030.
Key commitments and actions announced by the EU at COP28:
- €2.3 billion – supporting the energy transition in the European neighborhood and around the world as part of the global pledge to triple the capacity of renewable energy sources and double the rate of energy efficiency improvement by 2030;
- €175 million – reducing methane emissions (support from the EU and member states);
- more than €400 million – activation of a new fund for damages and expenses for climate emergencies;
- €20 billion – Team Europe's contribution to the Africa-EU Green Energy Initiative.
The message added that the EU also announced the first two European "clean" technology projects that will be supported by the EU-Catalyst partnership. This will help the EU achieve its 2030 climate goals.
Also announced is the Team Europe initiative, which focuses on zero-deforestation value chains
Earlier, EcoPolitic wrote, that the participants of the COP28 climate conference signed a historic agreement, which for the first time obliged the world to abandon all types of fossil fuels.
As EcoPolitic previously reported, on the first day of the COP28 climate summit, a historic decision was made to create a fund to compensate developing countries for losses and damages caused by climate change.
