Excellencies, colleagues,

The EU joins other speakers today to express great concern that Parties of the Paris Agreement are collectively still not on track towards achieving its goals and calls for its full implementation, including limiting the temperature increase to 1.5°C.

As EU Earth Observation under “Copernicus” reported last week, June 2024 was 1.50°C above the estimated June average for 1850-1900, making it the twelfth consecutive month to reach or break the 1.5°C threshold.  

We therefore renew our call on all partners to follow up on the implementation of the outcome of the first Global Stocktake under the Paris Agreement, including a transition away from fossil fuels.

The gravity of the triple planetary crisis of climate change, biodiversity loss and pollution, poses a global and existential threat, including on peace and security.

The EU is committed to working with partners to accelerate a global, just and inclusive green transition and to promote the effective implementation of the right to a clean, healthy and sustainable environment.

It is crucial that all Parties work on more ambitious NDCs with economy-wide emission reduction targets aligned with the 1.5°C limit and National Adaptation Plans.

Of equal importance is to work towards a new collective quantified goal on climate finance to be set at COP29 that unlocks all sources of finance and aligns financial flows with the Paris Agreement.

The EU welcomes country-led Integrated National Financing Frameworks as a way to mobilise and align both public and private financing with the SDGs, in line with national priorities.

International financial institutions need to play a key role in mobilising private financial flows at scale. The EU supports the development of operating models and innovative financing tools for stepping up private sector mobilisation – such as the Global Green Bond Initiative, or the Sustainable Finance Advisory Hub.

We support MDBs’ reform to more effectively conduct their missions of eradicating extreme poverty and boosting shared prosperity addressing global challenges such as climate change.

I thank you.