Climate love review

Pushing for a rapid phase-put of fossil fuel subsidies at COP29

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Markus Lutteman

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European Parliament

Climate love
The European Parliament will call for a phase-out of fossil fuel subsidies ”as soon as possible” at the upcoming COP29 in Baku. It is one of the demands that was adopted by the EU Parliament’s Committee on the Environment, Public Health and Food Safety (ENVI) earlier this week.

Members of the Parliament (MEPs) encourage all countries to instead reallocate these resources towards climate action.

This is great news. The world’s governments are currently spending more than $7 trillion per year on subsidizing fossil fuels – a staggering sum that is much higher than the money that needs to be invested annually in clean energy to fix the climate crisis. The International Energy Agency (IEA) calculates that $4,5 trillion needs to be invested annually in clean energy by 2030.

The Parliament's members also 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.

Is your favorite member of the Parliament going to Baku? See the full list of names for the European Parliament Delegation to COP29.

Learn more about the European Parliament's demand for COP29:

https://www.europarl.europa.eu/news/en/press-room/20241018IPR24760/cop29-meps-set-out-their-vision-ahead-of-this-year-s-global-climate-talks?utm_source=Impact+Loop+nyhetsbrev&utm_campaign=712b303c17-EMAIL_CAMPAIGN_2024_03_27_03_53_COPY_01&utm_medium=email&utm_term=0_-d41bb2e245-%5BLIST_EMAIL_ID%5D



With 88 Members, the Committee on the Environment, Public Health and Food Safety (ENVI) is today the largest Sub-committee in the European Parliament.

With 88 Members, the Committee on the Environment, Public Health and Food Safety (ENVI) is today the largest Sub-committee in the European Parliament.





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