The European Union has released its first Biennial Transparency Report (BTR) at COP29. The report provides details the progress towards reaching the EU’s 2030 target, progress in assessing the effects of EU climate policies and measures in reducing greenhouse gas (GHG) emissions and building resilience to climate change, as well as contributions to international capacity building and climate finance.
The EU’s first BTR notably includes inventory on emissions reduction. As of 2022, the EU’s net GHG emissions had fallen by 31.8% since 1990. Preliminary data published in the Climate Action Progress Report shows a further drop of 8% in 2023, which would represent a total reduction of 37% since 1990. In terms of future climate targets, the EU has laid out a potential pathway to a 90% net greenhouse gas emissions reduction by 2040, ensuring progress toward climate neutrality by 2050. In 2023, the EU and its Member States contributed €28.6bn in public climate finance and mobilised an additional €7.2bn in private finance for developing countries to reduce emissions and adapt to climate impacts.
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