EU Unveils First Biennial Transparency Report at COP29
At COP29 in Baku, the European Union released its first Biennial Transparency Report (BTR), a landmark step under the Enhanced Transparency Framework of the Paris Agreement. This inaugural report underscores the EU’s dedication to transparency, accountability, and ambitious climate action, providing a detailed account of its progress toward meeting climate targets, the impacts of policies, and contributions to global climate finance and capacity building.
Key highlights include:
- Significant emission reductions: By 2022, the EU achieved a 31.8% reduction in net greenhouse gas emissions compared to 1990, with a further 8% drop in 2023, totaling a 37% reduction.
- Future climate targets: The EU outlines a pathway to a 90% reduction in net emissions by 2040, advancing toward climate neutrality by 2050.
- Support for developing countries: In 2023, the EU contributed €28.6 billion in public climate finance and mobilized an additional €7.2 billion in private finance to support emission reductions and climate adaptation in developing nations.
The BTR also highlights the EU’s robust climate policies, including its emissions trading system, clean energy investments, and enhanced preparedness for climate impacts through tools like the European Climate Risk Assessment and a forthcoming EU Adaptation Strategy.
As the world transitions into the next phase of climate ambition following the first Global Stocktake, the EU’s BTR aims to build trust, foster collaboration, and inspire collective action. As Kurt Vandenberghe, Director-General for Climate Action, stated, “Global challenges require collective solutions. The EU is committed to sharing lessons learned and supporting a just transition worldwide.”
This milestone demonstrates the EU’s leadership in addressing the climate crisis and fostering international cooperation for a sustainable future.
Source: COP29: The European Union unveils its first Biennial Transparency Report – European Commission
