Statement by President von der Leyen with President Michel at COP28
© European Union, 2021, Source: EC - Audiovisual Service, Ursula von der LeyenMr President,
Fellow leaders,
Last September, at the Climate Ambition Summit in New York, we called for concrete action. Now, in Dubai, we have to deliver. At this COP, we will set a decisive step forward to protect the most vulnerable citizens worldwide. They undergo run-away climate change. They suffer loss and damage. And we will stand by their side. This COP is about ambition, about targets and about finance.
Let me start with ambition: Global emissions must peak by 2025. We must phase out fossil fuels. And we must reduce methane emissions. But what we are calling for globally, we also have to deliver domestically. So let me report on what we do in the European Union. The European Union has peaked already. We have reduced emissions. And we are on track to overshoot our target for 2030. And we just adopted a law to drastically reduce methane emissions.
Second, on targets. This COP can make history. Last spring, the European Union launched a call to triple renewables and double energy efficiency by 2030. We were joined by some early champions, like the COP Presidency, President Ruto, Prime Minister Mottley. And many thanks to International Energy Agency and IRENA for your strong support. By now, our call has grown into a powerful movement. More than 110 countries have joined already. That is fantastic. I call now on all of us to include these targets in the final COP decision. Because this sends a strong message to investors and consumers alike. There is no doubt: The future of energy will be clean, affordable and homegrown.
Finally, on finance. We must meet the USD 100 billion target this year. Europe consistently delivered. Last year, the European Union contributed close to USD 30 billion in public climate finance. And, of course, the European Union will contribute to the new Loss and Damage Fund. As of today, Team Europe is contributing more than USD 270 million so far. We must get the Fund up and running. And we must do it fast.
But we all know more is needed. We need to reform of the international system. We need a strong green bond market. And we need more carbon pricing.
Ladies and Gentlemen, fellow leaders, dear friends, I wish for a successful COP28.
Many thanks.
