EU named Fossil of the Day at COP29
The 27-nation bloc walked away with the not-so-illustrious prize for ‘doing the most to achieve the least’ at Day Nine of the 2024 UN climate summit.
According to Climate Network’s ongoing Fossil of the Day report, which it has maintained since 2009, the European Union was handed the booby award for Wednesday 20th November because it doesn’t ‘understand the concept of inflation’ and feigned ‘deafness to the calls for ambition’.
Simply put, despite being the world’s largest single market area, and third highest in terms of GDP, the bloc doesn’t seem willing to spend significantly on climate action. This is particularly problematic considering COP29’s single unified goal is securing better environmental finance and funding, particularly for the most vulnerable nations and communities.
Critics have suggested that EU negotiators have a figure in mind between $200 and $300billion of annual investment into global climate finance. While this sounds huge, taking inflation into account means the proposed spend offers no additional funding compared to the $100billion goal that was set 15 years ago.
Heavy reliance on private finance has also been touted as a big problem with Europe’s approach given investment from companies and conglomerates has historically been lacklustre at best. Currently, more than half the EU’s climate finance is mobilised through non-grant instruments.
Switzerland, which isn’t a member of the EU, also received its own dishonourable mention. One of the richest countries on the plant, it is now the only country to have watered down commitments to the Glasgow statement launched at COP26. Currently, negotiators representing the Alpine state have missed major discussions on the Loss and Damage Fund and, alongside those from the 27 countries of the Union, they oppose establishing mitigation, adaptation, and loss and damage sub-targets.
Other winners of Fossil of the Day at COP29 include Russia, South Korea, the G7, and Italy.
More on COP29:
Global Methane Pledge gains traction with organic waste agreement at COP29
UK commits $15m to Global Cooling Pledge, sector decarbonisation mapped
Image: Farah Almazouni