Yesterday, the EU took important decisions with a view to jointly advancing a safe, fair and green transition at COP28. This is a decisive step towards achieving ambitious climate protection targets and a safe global energy transition. The EU wants to gradually phase out fossil fuels by the year 2050. The aim is to achieve global decarbonisation of the energy sector over the next decade and to clearly oppose new coal projects. At COP28, the EU is campaigning to triple its use of renewables and to double its energy efficiency by 2030.

The EU is not alone in pursuing these goals. Many countries have identified the green transition as a driver of growth for their economies and consider the transition important for creating long-term prosperity, development and new jobs. Around the world, some 13.7 million people already work in the renewable energies sector. With its ground-breaking COP-related decision, the EU is sending a clear signal to the markets and to investors. This will further accelerate the green transition.

The EU is also living up to its responsibility when it comes to funding these activities. Developing countries need reliable and effective climate finance tools. The EU wants to work with partner countries to support an eco-friendly and socially just transition there, and to strengthen resilience. This is especially the case for least-developed countries (LDCs) and the small island developing states (SIDS).