EU Rules Out New Climate Finance Pledges at COP31
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The European Union will not announce new climate-finance commitments at the upcoming COP31, according to climate commissioner Wopke Hoekstra. The decision comes amid tight budgets and competing priorities despite the EU’s position as a leading provider of climate finance.
The European Union will not be making new climate finance commitments at the upcoming COP31 conference, climate commissioner Wopke Hoekstra said, as quoted by Bloomberg today, describing the possibility of further financial commitments for emission reduction as “dead in the water”. The European Union has been the most generous climate finance provider globally for several years, but money has been tight lately, with other developments stealing the spotlight from emissions of carbon dioxide. With soaring fuel prices, equally soaring…