DAILY NEWS
Brussels, 13 December 2023
Commission welcomes political agreement on the Regulation to establish the new Anti-Money Laundering Authority (AMLA)
The Commission welcomes the provisional agreement reached today between the European Parliament and the Council on the Commission's proposal to establish an EU anti-money laundering and countering terrorism financing (AML/CFT) Authority in the form of a decentralised EU regulatory agency (AMLA).
The creation of the new EU Authority will transform AML/CFT supervision in the EU and enhance cooperation among Financial Intelligence Units (FIUs). AMLA will be the central authority coordinating national authorities to ensure the correct and consistent application of EU rules. In the financial sector, the Authority will directly supervise those financial sector entities exposed to the highest risk of money laundering and terrorism financing. AMLA will also support FIUs to improve their analytical capacity around illicit flows and make financial intelligence a key source for law enforcement agencies. The Authority will facilitate cooperation between FIUs, including by establishing standards for reporting and information exchange, supporting joint operational analyses, and by hosting the central online system, FIU.net.
This Commission proposal was part of the AML legislative package presented in July 2021, which also included a new Regulation establishing a single rulebook for AML/CFT, and a new AML/CFT Directive. These aspects are still under discussion by the co-legislators.
Mairead McGuinness, Commissioner for Financial Services, Financial Stability and Capital Markets Union, said: “AMLA will be a game-changer in the fight against money laundering. It will be the center of our new supervisory system, as a supervisor in some cases and as a coordinator of supervisors in others, setting high standards across the EU. The only remaining issues are the decisions on the AMLA seat and its budget, to be reached in the next trilogues. We welcome the aspirations of both co-legislators to ensure that the process of seat selection is transparent and based on objective criteria, and hope to have a conclusion soon. Today's agreement shows the strong political will and commitment of the European Parliament and Council to step-up our efforts to stop dirty money being washed through the financial system.”
(For more information: Daniel Ferrie – Tel.: +32 2 298 65 00; Marta Pérez-Cejuela – Tel.: +32 2 296 37 70)
Commission renews its policy against psychological and sexual harassment
The European Commission has revised its policy against psychological and sexual harassment, streamlining and modernising formal and informal redress mechanisms for victims. The renewed policy is based on a comprehensive approach further building on the strong harassment prevention measures already in place. It will also establish the post and the figure of the ‘Chief Confidential Counsellor' to oversee the policy on prevention and fight against harassment while ensuring its greater visibility within the institution.
Moreover, the reform improves procedures in terms of awareness-raising as well as early detection of risks conducive to harassment and bystander interventions. Training will continue to be an essential component of the harassment prevention activities: all current and newly appointed managers will have to follow a mandatory training on prevention of and the fight against harassment.
Commissioner for Budget and Administration, Johannes Hahn, said: “There is no place for harassment in the Commission, in whatever form, be it psychological or sexual. For all of us, this must be an absolute priority. With the ambition to lead by example, we have renewed the Commission's policy against harassment. We have done this based on extensive consultations with staff, including with staff representatives and networks. But now it's up to all of us to put our commitments into effect every day, everywhere in the Commission.”
Combatting harassment goes hand in hand with the Commission's efforts to promote a world of work that is safe, respectful, and which supports and encourages diversity, all of which are key elements of the new Human Resources Strategy of the Commission.
(For more information: Balazs Ujvari - Tel.: +32 2 295 45 78; Veronica Favalli – Tel.: +32 2 298 72 69)
Europeans continue to strongly support Ukraine, Eurobarometer shows
Support for a range of actions taken in response to Russia's invasion of Ukraine remains very high. Almost nine in ten (89%) agree with providing humanitarian support to the people affected by the war, and more than eight in ten (84%) agree with welcoming into the EU people fleeing the war. 72% agree with providing financial support to Ukraine. The same proportion (72%) support economic sanctions on the Russian government, companies, and individuals. Around six in ten approve of the EU granting candidate status to Ukraine (61%) and of the EU financing the purchase and supply of military equipment to Ukraine (60%).
Most respondents are satisfied with the EU's response to the Russian invasion of Ukraine (57%). 54% of Europeans say the same about their national government's response.
A stronger and more independent EU
In the face of the Russian war of aggression against Ukraine, over eight in ten respondents agree that the EU should invest massively in renewable energies (83%) and reduce its dependency on Russian sources of energy as soon as possible (81%).
More than two thirds of EU citizens (69%) are for a common foreign policy of the Member States and agree the EU has sufficient power and tools to defend the economic interests of Europe in the global economy.
More than three quarters of Europeans (77%) are in favour of a common defence and security policy among EU Member States. This opinion is shared by more than six in ten respondents in each Member State.
Nearly seven in ten respondents (69%) are in favour of a common European policy on migration while 68% support a common European asylum system. At the same time, three quarters of respondents (75%) are in favour of a reinforcement of EU external borders with more European border guards and coast guards.
War in Ukraine and immigration as the main concerns for the EU
28% of Europeans think immigration on the one hand and the war in Ukraine on the other hand are among the two most important issues facing the EU. Then comes the international situation (24%), followed by the ‘rising prices/inflation/cost of living' (20%, ranking fourth while it was the first concern last spring).
Europeans see the EU as a place of stability in a troubled world
A positive perception of the EU
The 100th Standard Eurobarometer survey released today shows that seven EU citizens out of 10 (70%) believe that the European Union is a place of stability in a troubled world. This is the case for the majority of respondents in all Member States. In addition, more than six in ten citizens (61%) are optimistic about the future of the EU.
Background
The 100th edition of the Standard Eurobarometer
Set up as a tool to reveal Europeans to each other, the Eurobarometer is key to better understand the evolution of the public opinion in Europe. The Standard Eurobarometer, now at its 100th edition, is a cross-national study carried out twice a year through face-to-face interviews, conceived to evaluate and compare public opinion trends within EU Member States.
The Standard Eurobarometer 100 (Autumn 2023) was conducted between 23 October and 15 November 2023 across the 27 EU Member States. 26,471 EU citizens were interviewed face-to-face.
For More Information
Standard Eurobarometer 100
European Commission to issue €75 billion in long-term EU-Bonds in the first half of 2024
The European Commission has today announced its intention to issue up to €75 billion of EU-Bonds in the first half of 2024 (H1). As in 2023, the Commission will raise these long-term funds under its unified funding approach, using single-branded EU-Bonds. The Commission will continue to complement its long-term funding operations with issuance of short-term EU-Bills. The funds raised will be used primarily to meet payments related to NextGenerationEU and notably the Recovery and Resilience Facility (RRF).
The Commission's funding plan for H1 2024 builds on a strong year of funding transactions in 2023: in total, the Commission raised €115.9 billion in long-term funds over the course of the year. This included NGEU Green Bond issuances of €12.5 billion, which brought the total amount of NGEU Green Bonds outstanding to €48.9 billion.
The Commission will continue to finance the green component of the RRF in H1 2024 by issuing NextGenerationEU Green Bonds. As ever, green bond issuances will continue to remain firmly anchored to climate-relevant expenditures reported by Member States, in accordance with the NextGenerationEU Green Bond Framework.
2024 will also mark the launch of the European Issuance Service (EIS) in January. The EIS will enable new EU debt securities to be settled in the same way as the securities of large EU sovereign issuers. This follows the introduction of quoting arrangements and the unified funding approach in 2023, and forms part of the Commission's ongoing actions to develop the market infrastructure that supports the trading of EU-Bonds.
The Commission borrows on international capital markets on behalf of the EU and disburses the funds to Member States and third countries under various borrowing programmes. EU borrowing is guaranteed by the EU budget, and contributions to the EU budget are an unconditional legal obligation of all Member States under the EU Treaties.
Since January 2023, the Commission has been issuing single branded EU-Bonds rather than separately labelled bonds for individual programmes. The proceeds of these single-branded bonds are allocated to relevant programmes according to the procedures set out in the applicable agreements. NextGenerationEU Green Bond issuances continue to finance only measures eligible under the NextGenerationEU Green Bond Framework.
On the basis of EU-Bonds and NextGenerationEU Green Bonds raised since mid-2021, the Commission has so far disbursed €175.6 billion in grants and loans to the EU Member States under the Recovery and Resilience Facility, on top of further support to other EU programmes benefitting from NextGenerationEU funding.
In 2023, the Commission has also disbursed €16.5 billion to Ukraine under the Macro-Financial Assistance+ programme, with a further disbursement of €1.5 billion scheduled for later this month. This programme – which will deliver €18 billion to Ukraine over the whole of 2023 - follows the disbursement of €7.2 billion in emergency MFA loans to Ukraine in 2022. Prior to that, the EU had provided over €5 billion to Ukraine through five MFA programmes since 2014.
To further boost the secondary market liquidity of EU-Bonds, the Commission has introduced a framework to provide investors with pricing quotes for EU securities on electronic platforms. EU Primary Dealers started quoting prices for EU Bonds on 01 November 2023. The Commission is also working on a facility to support the use of EU-Bonds as an instrument for repurchase agreements (to be implemented by mid-2024).
Latest EU funding plan
EU as a borrower website
Quote(s)
2023 started with the introduction of the unified funding approach – a key milestone in the lifetime of the EU issuance programme. Thanks to this new operational framework and the ongoing support of our investors, we met all our funding needs for 2023 through a series of large benchmark transactions. This gives us great confidence for 2024, when we will seek to issue €75 billion in EU-Bonds in the first half of the year.
Johannes Hahn, Commissioner for Budget and Administration - 12/12/2023
Statement of President von der Leyen on the outcome of COP28
President of the European Commission, Ursula von der Leyen said today:
“I welcome the successful conclusion of the COP28 UN Climate Conference and the first Global Stocktake of the Paris Agreement. It is good news for the whole world that we now have a multilateral agreement to accelerate emission reductions towards net zero by 2050, with urgent action in this critical decade. This includes an agreement by all parties to transition away from fossil fuels. We have agreed on reducing global emissions by 43% by 2030, in line with the best available science, to keep 1.5 Celsius within reach. This will keep us on track with the goals of the Paris Agreement, and speed up the transition to a cleaner and healthier economy.
I want to thank our Climate Action Commissioner Wopke Hoekstra and all of our Commission and Member State negotiators for their efforts these past weeks. COP28 is a perfect example of European cooperation, coordination and leadership. And it is also a powerful demonstration of the value of multilateralism in tackling our planet's biggest challenges.
I am delighted that the goals of the Global Renewables and Energy Efficiency Pledge, which we brought to the COP, have also been translated into the outcome of the Global Stocktake. The world has committed to tripling renewable energy capacity and doubling the rate of energy efficiency improvements by 2030. This gives powerful momentum to the transition away from fossil fuels. It is also important that we have an agreement to tackle methane emissions and other non-CO2 emissions in this decade.
2023 has been the hottest year on record, and so it is fitting that we also make it the most ambitious year on record for climate action. Parts of Southern Europe have reached almost 30 degrees Celsius again this week, in the middle of December, and we are not alone in facing such extreme weather. Climate adaptation is becoming increasingly important. That is why the European Union is also standing in solidarity and working in partnership with countries all around the globe. We are dedicating record amounts of money to international climate finance, including adaptation finance. The European Union has also helped to operationalise a new loss and damage fund at COP28, and with our Member States we have contributed over two thirds of the initial funding pledges.
We stand ready to do more, and we know that more must be done. For example, COP28 has also been the opportunity to discuss carbon pricing with other Parties, so that more countries start to put a price on pollution. And we have also been able to lay the ground for broader financial reforms, new innovative sources of funding, and aligning all financial flows with the Paris Agreement.”
Commission welcomes political agreement on improving working conditions in platform work
The European Commission welcomes the political agreement reached today between the European Parliament and the EU Member States on the Directive on improving the working conditions in platform work proposed by the Commission in December 2021. It follows the commitment taken by President von der Leyen in her Political Guidelines to improve the labour conditions of platform workers.
The Directive aims to ensure that people working through digital labour platforms can fully enjoy the labour rights and social benefits they are entitled to. It also aims to support the sustainable growth of digital labour platforms in the EU. Notably, the Directive outlines measures to correctly determine the employment status of people working through such platforms and promote transparency and fairness in algorithmic management (that is, automated systems supporting or replacing managerial functions).
New rules for a fair and competitive platform economy
The Platform Work Directive provides EU rules for a fair and competitive digital labour platform economy, including as regards:
The Directive makes it easier for people working through digital labour platforms to benefit from employment status when it corresponds to their actual work arrangements, and the rights, obligations and benefits associated with it. It establishes a legal presumption of employment relationship with specific indicators to determine whether a platform qualifies as an employer. If the platform meets 2 of these indicators, it is considered an ‘employer'.
The platform or person affected can challenge this presumption by providing evidence that the person or a certain category of person working through the platform is correctly classified as self-employed. The Directive's clear indicators bring legal certainty for platforms and people working through them, reducing litigation and administrative burden.
Thanks to the presumption, platform workers will enjoy the labour and social rights associated with their ‘worker' status, such as a minimum wage (where applicable), collective bargaining, working time and health protections, paid leave, unemployment and sickness benefits, and more. Conversely, genuinely self-employed will continue to carry out their activity without any change in their status.
The Directive establishes new rules governing the use of automated systems in monitoring and decision-making on digital labour platforms. This promotes greater transparency and accountability in algorithmic management, empowering people to be aware of and challenge decisions affecting their working conditions. They have a right to be informed about automated systems and how they function.
The Directive also requires human oversight of the automated systems to ensure their compliance with working conditions and provides the right to contest automated decisions, such as terminating or suspending accounts.
In addition, digital labour platforms will not be able to collect personal data while people working through platforms are not logged into their platforms. They will not be allowed to process data on someone's emotional or psychological state or use artificial intelligence tools to predict for instance whether workers intend to join a trade union or go on a strike. People working through platforms will retain the right to transfer their data from one platform to another, ensuring data portability and the possibility to move seamlessly between platforms.
The Directive enhances the enforcement and traceability of platform work, particularly in cross-border situations, by requiring platforms to declare work in the country where it takes place. The Directive specifies obligations for platforms to declare work and to provide information about their activities and the people working for them to national authorities. This will allow Member States to have clearer picture of the number of platform workers and their situation, empowering national authorities to enforce existing obligations by platforms, including those related to social security contributions.
The Directive introduces the requirement to inform and consult platform workers' representatives on algorithmic management decisions. It asks platforms to establish communication channels for workers and their representatives to organise themselves.
The Directive ensures the same level of protection for people working through platforms, even if a platform opts to use an intermediary company. In such instances, Member States must establish responsibility mechanisms, and ensure effective access to redress, including through joint liability systems where appropriate.
Next steps
After the formal approval of the agreement by the European Parliament and the Council, Member States will have two years to incorporate the EU Directive into national law.
Digital labour platforms are internet-based companies that intermediate and organise the work provided by workers or self-employed people to third-party clients. Over 500 digital labour platforms are currently active in the EU. They create opportunities for businesses, workers and self-employed, as well as improved access to services for consumers. However, these platforms also encounter challenges due to different laws and court rulings across the EU, hindering their ability to expand their business across borders.
To date, over 90% of digital labour platforms in the EU classify the people working through them as self-employed. Most of these people are genuinely self-employed. However, out of the estimated 28 million people working through platforms in the EU in 2021, 5.5 million may be currently misclassified. Other challenges that can be faced by people working through platforms include a lack of transparency and predictability of their work conditions, as well as health and safety risks, and inadequate access to social protection.
In her Political Guidelines, President von der Leyen stressed that “digital transformation brings fast change that affects our labour markets”. She took the commitment to “look at ways of improving the labour conditions of platform workers”. The Directive on improving the working conditions in platform work is one of the key initiatives of the European Pillar of Social Rights Action Plan. It establishes a common set of EU rules to enable platforms and the people working for them to leverage the benefits of the platform economy, safeguard competitiveness and workers' rights, and ensure fair working conditions.
Commission Proposal for a Directive on improving the working conditions in platform work
Press release: Commission proposals to improve the working conditions of people working through digital labour platforms
Questions and answers: Improving working conditions in platform work
This landmark agreement between the Parliament and Member States will help provide decent working conditions to the many people working through digital labour platforms. It will empower people to be aware of and challenge decisions made through algorithmic management. By increasing legal certainty, the Directive also supports the sustainable growth of digital labour platforms in the EU.
Margrethe Vestager, Executive Vice-President for a Europe Fit for the Digital Age - 13/12/2023
Digital platforms play an important role in our economy, promoting innovation and offering valuable job opportunities. But these opportunities must be accompanied by fair working conditions and solid social protection for the people who work in the platform economy. Today’s agreement will allow digital platforms to grow and protect platform workers’ rights so that everyone can make the most of this opportunity.
Valdis Dombrovskis, Executive Vice-President for an Economy that Works for People - 13/12/2023
The platform economy has transformed the way we consume and work, and we want it to continue to thrive. At the same time, we have to make sure that it meets the same labour and social standards that offline companies adhere to. This is a question of fairness, for both workers and companies. The new rules we have agreed ensure platform workers, such as drivers and riders, receive the social and labour rights they are entitled to, without sacrificing the flexibility of the platform business model. Workers will also understand better how automated decisions are taken. Platforms will have legal certainty throughout the EU for the first time. And consumers will continue to enjoy access to platform services at their fingertips. This is a historic achievement.
Nicolas Schmit, Commissioner for Jobs and Social Rights - 13/12/2023
Commission adopts new general rules for small amounts of State aid and for services of general economic interest
The European Commission has today adopted two regulations amending the general rules for small amounts of aid (de minimis Regulation) and for small amounts of aid for Services of General Economic interest, such as public transport and healthcare (SGEI de minimis Regulation). The revised regulations, which exempt small aid amounts from EU State aid control since they are deemed to have no impact on competition and trade in the Single Market, will enter into force on 1 January 2024 and will apply until 31 December 2030.
The amendments to the de minimis regulations
The current de minimis Regulation exempts small amounts of aid since they are deemed to have no impact on competition and trade in the Single Market. The amendments adopted today include the following main changes:
The current SGEI de minimis Regulation sets a minimum compensation amount for providers of SGEIs below which compensation is deemed free of aid and exempted from EU State aid rules. The amendments adopted today include the following main changes:
Article 108(3) of the Treaty on the Functioning of the European Union requires Member States to notify all State aid to the European Commission and to implement it only after the Commission's approval. The EU State aid Enabling Regulation allows the Commission to declare that certain categories of State aid are compatible with the Single Market and exempted from the notification obligation provided for in the Treaty.
The de minimis Regulation is set to expire on 31 December 2023. In line with the outcome of the 2020 fitness check of State aid rules, in June 2022 the Commission published a ‘call for evidence' inviting all interested parties to provide feedback on the proposed review of these rules. In November 2022, the Commission consulted on the revised draft Regulation, it received 101 contributions.
The SGEI de minimis Regulation is also set to expire on 31 December 2023. Following the Commission's evaluation of the SGEI rules applicable to health and social services and to small amounts of aid in December 2022, the Commission published a ‘call for evidence' seeking feedback from all interested parties on the proposed review of the SGEI de minimis Regulation. In April 2023, the Commission consulted on the revised draft Regulation, it received 43 contributions.
EU negotiators secure agreement at COP28 to accelerate the global transition away from fossil fuels and triple renewables and double energy efficiency this decade
At the end of the COP28 UN Climate Conference in Dubai, European Union negotiators succeeded, with partners from around the world, to keep alive the possibility of delivering on the commitment in the Paris Agreement to limit global average temperature increase to 1.5 Celsius above pre-industrial levels. With a particular focus on the energy sector in the talks, Parties agreed to accelerate the transition away from fossil fuels this decade, to take action to reduce emissions by 43% by 2030, and set the world on a pathway to reaching net zero emissions by 2050, in line with the best available science.
COP28 concludes the first Global Stocktake under the Paris Agreement. The goals of the Global Renewables and Energy Efficiency Pledge, championed by the Commission, have been translated into the Global Stocktake outcome. All Parties have committed to triple global renewable energy capacity and double the rate of energy efficiency improvements by 2030. This gives powerful momentum to the transition away from fossil fuels. There is also an agreement to tackle methane emissions and other non-CO2 emissions in this decade, and to phase out as soon as possible inefficient fossil fuel subsidies that do not address energy poverty or the just transition.
The Global Stocktake recognises that the world is not currently on track to reduce emissions by the necessary level to limit temperature increase to 1.5 Celsius. As a consequence, Parties agreed on a pathway to get back on track, including through a process to align national targets and measures with the Paris Agreement. Parties should submit their nationally determined contributions (NDCs) for 2035 by COP30, in two years' time, and these should be aligned with the best available science and the outcomes of the Global Stocktake.
The Global Stocktake also addresses the means of implementing the necessary transition. We have agreed on the final steps towards setting the new collective quantified goal on climate finance at next year's conference. The framework of the Global Goal on Adaptation is a major step, and it is accompanied by ground-breaking decisions on adaptation finance with recognition that adaptation finance will have to be significantly scaled up beyond the mandated doubling for 2025. The outcome pushes forward the reform of the international financial architecture, making it fit for purpose for addressing the climate emergency. Specifically, the EU made a significant contribution to agreeing and operationalising a new fund responding to loss and damage, and the EU and its Member States have contributed more than €400 million, over two thirds of the initial funding pledges.
Key events and announcements made at COP28
The final COP28 negotiated outcomes come on top of multiple agreements secured in the past two weeks, including at the World Climate Action Summit attended by President von der Leyen. On 2 December the President launched the Global Pledge on Renewables and Energy Efficiency together with the COP28 Presidency, to triple renewable energy capacity and double energy efficiency measures by 2030, building the foundations for a negotiated outcome on this issue. President von der Leyen announced that the EU would invest €2.3 billion from the EU budget to support the energy transition in the European neighbourhood and around the globe, in the next two years.
The President also announced €175 million of financial support from the EU and its Member States to reduce methane emissions. In Dubai, she attended the Coal Transition Accelerator initiative launch event, and the launch of the Climate Club. She also endorsed Viet Nam's Resource Mobilisation Plan, the next step in implementing its Just Energy Transition Partnership.
Executive Vice-President Maroš Šefčovič announced the Commission's support for the principles and objectives of the declaration of the COP28 Coalition for High Ambition Multilevel Partnerships (CHAMP) during the first Local Climate Action Summit. He also announced the first two European projects to be supported by the EU–Catalyst partnership, and a Team Europe contribution of €20 billion to the Africa-EU Green Energy Initiative. On behalf of the EU, he endorsed the COP28 Declaration on Climate and Health, and signed a Memorandum of Understanding with Honduras to set up a strategic Forest Partnership to restore 1.3 million hectares of forest.
Commissioner Sinkevičius signed a joint declaration on a sustainable water partnership with Egypt and Commissioner Lenarčič endorsed the COP28 Declaration on Climate, Relief, Recovery and Peace on behalf of the EU. During COP28, the EU also launched a Team Europe Initiative on Deforestation-Free Value Chains. The Commission also committed to pledge €1 million to the recent Blue Mediterranean Partnership.
The Commission hosted almost 100 Side Events at the EU Pavilion in Dubai and online on a broad range of issues such as biodiversity protection and nature restoration, energy security and the green transition, clean transport, carbon markets, sustainable finance, food and water security, and research and innovation. These included a dialogue between Commissioner Hoekstra and youth representatives from around the world, President von der Leyen's hosting of a high-level event on carbon markets with the IMF, WTO and World Bank, and two EU Energy Days with Commissioner Simson.
Under the 2015 Paris Agreement, 194 countries agreed to submit Nationally Determined Contributions (NDCs) which represent their individual emissions reduction targets. Collectively, these NDCs should contribute to the objective of keeping average global temperature increase below 2°C and as close as possible to 1.5°C by the end of the century. The reports from the UN's Intergovernmental Panel on Climate Change (IPCC) keep warning that the world is set to reach an average temperature increase of 1.5ºC level already within the next two decades and that only the most drastic cuts in greenhouse emissions from now would help prevent an environmental disaster. This level of temperature rise would have extremely harmful effects that pose an existential challenge.
The European Union is a global leader in climate action, having already cut its greenhouse gas emissions by 32.5% since 1990, while growing its economy by over 60%. With the European Green Deal presented in December 2019, the EU further raised its climate ambition by committing to reaching climate neutrality by 2050. This objective became legally binding with the adoption and entry into force of the European Climate Law, in July 2021. The Climate Law also sets an intermediate target of reducing net greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. This 2030 target was communicated to the UNFCCC in December 2020 as the EU's NDC under the Paris Agreement.
In 2021, the EU presented a package of proposals to make its climate, energy, land use, transport and taxation policies fit for reducing net greenhouse gas emissions by at least 55% by 2030. With most of these proposals now fully adopted, the EU and its Member States have turned their focus to implementing these policies in order to advance the green transition. The European Union submitted an update of its NDC on the 16 October to show that it is on a path to overachieve its 55% reduction in greenhouse gas emissions by 2030 from 1990 levels. According to the Commission's estimates, the full implementation of the ‘Fit for 55' legislation will lead to a 57% reduction. The next round of NDCs should be submitted by 2025, for post-2030 emissions reductions.
Climate finance is critical to support vulnerable communities to protect themselves against the impacts of climate change and to support sustainable economic growth. Developed countries have committed to mobilise a total of $100 billion of international climate finance per year from 2020 until 2025 to help the most vulnerable countries and small island states in particular, in their mitigation and adaptation efforts. The EU is the biggest donor with a steadily rising contribution to around a third of the target.
Statement on the outcome of COP28 by President Ursula von der Leyen
Opening remarks by Commissioner Hoekstra at the final Plenary of COP28
EU at COP28 Side Events Programme
Brochure on Team Europe's contribution to climate finance
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Athanasios ATHANASIOU
Press Officer / Political Reporter
European Commission
Representation in Cyprus
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