Speech by President von der Leyen at the Climate Ambition Summit

Speech by the President at the Climate Ambition Summit

We now have 70 days and then the world will meet in Dubai. Expectations increase as temperatures rise. So we have to become concrete. I would like to speak about three topics: It is ambition, it is targets, and it is finance and investment.

First on ambition, we have to better protect our citizens, especially the most vulnerable ones, against the loss and damage that climate change brings. We need to agree on effective solutions, still this year. The European Union will be a strong ally in those discussions. But at the same time, we should also show ambition in reducing greenhouse gas emissions. So we should go faster in removing the root causes of climate change. The European Union has set ambitious emission reduction goals for 2030. We want to reduce greenhouse gas emissions by at least 55%. And the good news is that we are already on track to overshoot this goal. But similar ambition is needed by other major emitters to ensure that global emissions peak by 2025 and unabated fossil fuels are phased out well before 2050.

My second topic: Targets. We have to propel the global clean energy transition. Therefore, together with COP28 President, Sultan Al Jaber, with President William Ruto of Kenya, Prime Minister Mia Mottley of Barbados and others, we are building a global coalition so that by COP28 the whole world can agree on tripling renewable energy and doubling annual energy savings by 2030. We need these global goals because only what gets measured gets done.

And finally on finance and investment: More investment is needed, especially to developing countries, with their huge potential for renewable energy, clean hydrogen, and critical raw materials. That was also the message of the African Climate Summit – you just heard President Ruto. Europe has heard this message. In the next five years alone, we will invest at least EUR 4 billion in renewable energy and hydrogen in developing economies, as part of our EUR 300 billion Global Gateway plan.

This brings me to my last point – and this was just mentioned: We need to prompt investments. Before we meet in Dubai, we have to meet the USD 100 billion climate finance goal. Indeed, it is a question of trust. The European Union will contribute its fair share of USD 27 billion – as we did the last years. More is needed for finance. We want to support the establishment of green bond markets in the low- and middle-income countries. Europe strongly supports a reform of the international financial system. And we will work with you, Secretary-General – I heard you –, and with interested countries to have at least 60% of global emissions covered by carbon pricing by 2030. Today, only 23% are covered and this already brings revenue amounting to USD 95 billion. So, just imagine the amount of revenues that we would get to invest in low- and middle-income countries if we could cover 60% of global greenhouse gas emissions.

These proposals are concrete. They are realistic. Let us use the coming 70 days to turn them into reality.

Thank you.