The EU, ready to talk about “financial compensation” at the COP27 on climate

“Obviously it is a complicated issue (but) we are ready because protecting the planet is everyone’s business. (Although) that we act does not make sense if the others are not going to act. We do not know what the proposals that are going to be presented will be, what the demands of other states are going to be and under what conditions, but we imagine that they will be of a financial nature and we are willing to talk about it”, he indicated at the end of the meeting of environment ministersheld this Monday in Luxembourg, the Czech minister Anna Hubáčková. “The final result will depend on the negotiations,” added the commissioner Virginijus Sinkevicius.

The agreed mandate for the Twenty-seven calls on all countries to redouble your financial efforts and integrate climate into all financial flows. The conclusions recall that the EU and its Member States are the largest contributor to international public climate finance and reiterate their “firm commitment” to continue increasing it in order to achieve the objective of developed countries to mobilize “at least $100 billion a year as soon as possible and until 2025″. The Twenty-seven hope that this objective will be met two years earlier, in 2023.

“The EU has always been at the forefront of climate action and we will continue to lead by example,” said Hubáčková. The Twenty-seven recognize in the position that they will take to Sharm el-Sheikh that “the Nationally Determined Contributions (NDC) and their updates are currently insufficient” and demand that all countries present “ambitious objectives and policies”, particularly the main economies that “They should review and strengthen them in time for COP27.” An objective that the EU “takes very seriously”, the representative said that she had alluded to the agreement of the Twenty-seven on the package ‘Fit for 55′which will allow the EU to reduce its net greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels, and achieve climate neutrality by 2050.

Biodiversity protection

The 27 have also adopted conclusions on the EU’s position on the United Nations biodiversity summit to be held from December 7 to 19 in Montreal. The EU wants an “ambitious, comprehensive and transformative” global framework that includes long-term targets for 2050, intermediate results for 2030 and targets for 2030 aimed at fighting biodiversity loss. “We are losing species and resources on the planet very quickly and this has repercussions for the stability of the systems. This makes us vulnerable to climate change and that is why it is necessary to act and recover at least part of it”, explained Hubáčková

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The EU will defend at the meeting that specific measures be adopted to protect 30% of the land and sea surface by 2030. They will also advocate restoring 3,000 million hectares of terrestrial and freshwater ecosystemse degraded as well as 3 billion hectares of ocean ecosystems.

In addition, European countries want a commitment to eliminate all illegal, unsustainable or unsafe collection, trade and use of wild species, halt human-induced extinctions of Endangered Species known, harness the full potential of nature-based solutions, reduce the levels and risks of pollution from all sources, prevent the introduction of invasive alien species and eradicate or control existing ones to reduce their impact on biodiversity, apply practices on a sustainable use of biodiversity and address the change in land and sea use that negatively affects biodiversity in all ecosystems.

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