Politics
COP28: MEPs want to end all subsidies for fossil fuel globally by 2025
With 462 votes in favour, 134 against and 30 abstentions, MEPs signal their recommendations for the EU’s strategic objectives ahead of the UN COP28 Climate Change Conference, marking the first Global Stocktake under the Paris Agreement.
The resolution calls for an end of all direct and indirect fossil fuel subsidies, at national, EU and global levels, “as soon as possible and by 2025 the latest”. MEPs also support a global target to triple renewable energy and double energy efficiency by 2030, together with a tangible phasing out of fossil fuels as soon as possible, and halting all new investments in fossil fuel extraction.
The text asks all countries to strengthen their climate commitments and contribute their fair share to increase international climate financing.
MEPs emphasise the importance of protecting, conserving and restoring biodiversity and want a significant reduction of the climate impact and emissions from methane and sectors such as international shipping and aviation, agriculture, and defence.
Next steps
The resolution constitutes the mandate for Parliament’s delegation, which will attend COP28 between 8 and 12 December.
Background
COP28 takes place from 30 November to 12 December 2023 in Dubai (United Arab Emirates).
The Paris Agreement entered into force on 4 November 2016. The Global Stocktake takes place every five years, with the first-ever stocktake scheduled to conclude at COP28, aims to provide an overall picture of its implementation progress.
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On November 7, Ecumenical Patriarch Bartholomew sent a congratulatory letter to the newly elected US President Donald Trump, wishing him health, strength and success in his upcoming second presidential term.
“Recognizing the enormous responsibilities of such a leadership position, we pray that your decisions will be guided by wisdom and compassion, as well as by the strength necessary to maintain harmony and security in your great and God-protected nation,” noted Patr. Bartholomew:
“The Ecumenical Patriarchate, with its ancient history and its fundamental commitment to dialogue and reconciliation, remains a constant supporter of all efforts to promote peace and understanding between people of different cultures and beliefs. We hope that under your leadership the United States will continue to support the cause of religious freedom and human dignity – values that resonate deeply in the Orthodox Christian tradition and all faith communities,” the congratulatory letter said.
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The last of Russia’s major state-owned banks, which retains access to the SWIFT system for international payments in the world’s major currencies, will become subject to new US sanctions.
The White House is considering blacklisting Gazprombank, the Russian Federation’s third-largest bank by assets, which is a “hub” for gas payments with Europe. As the Nikkei reported, citing officials familiar with the matter, GPB could be subject to blocking sanctions: it would be barred from any transactions with US banks. A decision on sanctions will be made by the end of November – the United States has notified its G7 partners about this, sources told the publication, including high-ranking European officials.
Directly owned by Gazprom with a third and another 40% by its pension fund, Gazprombank is not yet subject to strict Western restrictions: in the United States it is only prohibited from raising capital on the debt market, although its top managers and a subsidiary are subject to blocking sanctions IT company. In the European Union, GPB also avoids blacklists, and only Britain has introduced blockers against the bank.
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