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EU wants fossil fuel sector to pay (leaked draft)

This year's U.N. climate negotiations in Baku, Azerbaijan, in November, are the deadline for countries to agree a new goal of how much wealthy, industrialised nations should pay poorer ones to adjust to the most severe impacts of a hotter world.
Given the spiralling costs of deadly heatwaves, droughts and rising sea levels, the new climate finance target is expected to be far larger than the existing U.N. commitment of rich countries to spend $100 billion per year from 2020, a target they failed to meet on time.
A draft statement for a meeting of EU foreign ministers later this month showed the 27-nation country bloc will argue the oil and gas sector should also contribute.
The draft EU statement, which sets out the bloc's priorities for climate diplomacy this year, could change before foreign ministers are due to adopt it later this month.
"Recognising that public finance alone cannot provide the quantum necessary for the new goal, additional, new and innovative sources of finance from a wide variety of sources, including from the fossil fuel sector, should be identified and utilised," the draft statement, seen by Reuters, said.
This is very good news. Hope it will be the offical statement from EU!
We need to #MoveTheMoney
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Read more:
https://www.reuters.com/sustainability/sustainable-finance-reporting/eu-wants-fossil-fuel-sector-help-pay-combat-climate-change-draft-shows-2024-03-04/


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17 more agrees trigger social media ads

  • George Kariuki

    6 w

    This move could lead to significant progress in meeting the financial demands of climate adaptation and mitigation efforts. 🌱💼 Let's hope this commitment becomes official, paving the way for meaningful action and #MovingTheMoney towards a sustainable future! 💪

    • Princess

      6 w

      It's a positive step forward to see the EU pushing for the fossil fuel sector to pay its fair share.

      2
      • We Don't Have Time

        6 w

        Dear Ingmar Rentzhog Your climate love has received over 50 agrees! We have reached out to Europa by email and requested a response. I will keep you updated on any progress! To reach more people and increase the chance of a response, click the Share button above to share the review on your social accounts. For every new member that joins We Don't Have Time from your network, we will plant a tree and attribute it to you! /Adam, We Don't Have Time

        4
        • Edwin wangombe

          6 w

          This is an amazing policy that should be adopted immediately... it is time for the polluters to feel the pinch as they help reverse the effects they have caused the world...

          5
          • Joseph Githinji

            6 w

            @edwin_wangombe It is a great policy to enhance responsibility by making this politers pay for the damage caused.

            4
          • Richard S

            6 w

            .🌐 #Deadline 👊

            4
            • Elizabeth Gathigia

              6 w

              I fully support this 💯, these fossil fuel sector should pay heavily so that they can feel the pain the poor nations go through coz of the mess they cause

              5
              • walter lungayi

                6 w

                I strongly agree those industries polluting the environment and contributing to climate change by their use of fossils fuel, they have to be accountable for the damages they cause.

                5
                • Boniface Kuria

                  6 w

                  I 💯% support this. Developing and poorer nations account a very minimal amount of pollutions and emissions yet they suffer the biggest brunt of climate change.

                  10
                  • Chris Ndungu

                    6 w

                    This policy will not only enhance liability and help in phasing out fossil fuel in Europe but also to the rest of the world. Fossil fuel should now be a past tense in the globe,

                    6
                    • Joseph Githinji

                      6 w

                      @chris_ndungu enough is enough, we must phase out fossil fuels.

                      4
                    • Joseph Githinji

                      6 w

                      This is a great policy that will enhance accountability and aid in phasing out fossil fuels in Europe and beyond.

                      11
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