‘A lot more money needed to achieve goals’: climate ministers developed a good appetite

Today, Minister Hermans, responsible for climate issues, is gathering with her EU colleagues in Luxembourg, where Climate Commissioner Wopke Hoekstra is also in attendance. This meeting is timely, given that the UN climate summit in Baku is just a month away, and there is a pressing need to accelerate efforts as the world is significantly off track from achieving its climate goals. The urgency of this meeting is underscored by the recent ‘PreCOP’ event in Baku, where Hoekstra emphasized the substantial work still required for the upcoming COP29. He stressed that while the previous UN climate summit (COP28) in Dubai saw commitments to triple global renewable energy capacity by 2030, concrete actions are now necessary to build on those agreements. The International Agency for Renewable Energy (IRENA) has reinforced this warning, highlighting that despite the ambitious targets, the world is only halfway to meeting them. IRENA’s latest report reveals a stark financial gap: while over $30 trillion is needed to meet climate goals by 2030, only $570 billion was invested last year. This disparity underscores the need for significantly increased funding and targeted resource allocation, particularly to developing countries that are most vulnerable to climate change. Hoekstra has been clear [...]

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