The EU and its member states should continue increasing climate finance through EU and national budgets, the European Parliament's environment committee said in a non-binding resolution it adopted today.
The committee met ahead of the UN Cop 31 climate summit, which takes place in Antalya, Turkey, on 9-20 November.
Backed by the EPP, S&D, Renew, Green and Left political groups, the resolution calls for stronger climate action from the aviation and maritime sectors. The clear cross-party majority in committee, of 50 votes with 16 against and 3 abstentions, indicates the likelihood of backing being given by the whole parliament at its 19-22 October plenary session.
The draft resolution urges the International Civil Aviation Organization's Carbon Offsetting and Reduction Scheme for International Aviation (Corsia) and international shipping policies to align with a 1.5°C pathway, warning that the International Maritime Organization's draft net-zero framework is unlikely on its own to achieve that goal.
The Paris climate agreement seeks to curb the global rise in temperature to "well below" 2°C above pre-industrial levels and pursues a 1.5°C limit.
The committee said climate finance should be provided primarily through grants and concessional finance, while mobilising private capital. It stressed that funding should be additional to official development assistance and warned against double counting under the new collective quantified goal (NCQG) — which targets a minimum of $300bn/yr by 2035. Lawmakers also called for a "dedicated and predictable" EU public finance mechanism to ensure the bloc delivers its fair share.
The resolution highlighted the need for robust standards for high-quality carbon credits. The European Commission in July proposed allowing up to 260mn international credits in 2036-40 to count towards the EU's 2040 climate target, subject to safeguards on environmental integrity.
Members of parliament also stressed the need for transparency, additionality and the avoidance of double counting.
The committee further called on member states not to include fossil fuel lobbyists, or representatives of fossil fuel industry associations, in their Cop 31 delegations.
EU member states are also expected to adopt conclusions before Cop 31, with diplomats discussing language on scaling up climate finance for developing countries and recognising "innovative" funding sources, including high-quality international carbon credits.
