# EU to urge big polluters to toughen climate pledges by COP27 summit – draft
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-08-25
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: EU to push for stronger global climate targets ahead of
Meta Description: The EU calls for more ambitious targets to combat global warming ahead of COP27, highlighting that current efforts are insufficient. Find out more here.
URL: https://financedigest.com/eu-to-urge-big-polluters-to-toughen-climate-pledges-by-cop27-summit-drafthtml

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By Kate Abnett

BRUSSELS (Reuters) – The European Union will urge the world’s biggest economies to improve their targets to fight climate change ahead of this year’s U.N. [climate summit and warn that states’ current efforts fall short](https://www.financedigest.com/countries-emissions-pledges-still-fall-short-of-global-climate-goals-un-says.html "Countries’ emissions pledges still fall short of global climate goals, UN says"), according to a draft document seen by Reuters.

Despite a raft of new emissions-cutting commitments countries announced at [last year’s](https://www.financedigest.com/uk-new-car-sales-rise-in-january-full-year-sales-to-top-last-year-smmt.html "UK new car sales rise in January, full-year sales to top last year – SMMT") COP26 climate summit, “global climate action remains insufficient”, the EU said in a draft of its negotiations mandate for the COP27 summit in Sharm El Sheikh, Egypt, in November.

The draft, which [faces weeks of negotiations and could change](https://www.financedigest.com/the-changing-face-of-peer-to-peer.html "THE CHANGING FACE OF PEER-TO-PEER") before EU countries approve it in October, said polluters must revise their targets if the world is to stop global warming spiralling beyond 1.5 degrees Celsius.

“\[The EU\] [calls upon all Parties to come forward with ambitious targets and policies and urges](https://www.financedigest.com/emergency-call-services-telcos-urge-eu-to-protect-telecoms-networks-from-power-cuts.html "Emergency call services, telcos urge EU to protect telecoms networks from power cuts") in particular major economies that have not yet done so to revisit or strengthen the targets,” it said.

Nearly 200 [countries will convene at COP27](https://www.financedigest.com/eu-countries-seek-common-stance-on-climate-compensation-for-cop27.html "EU countries seek common stance on climate compensation for COP27") after what has been for many a devastating summer of drought, heatwaves and other climate-linked extremes.

But the talks on how to curb emissions, and fund those efforts, face the tough context of an [energy crisis](https://www.financedigest.com/europes-energy-crisis-and-the-nuclear-path-out.html "Europe’s energy crisis and the nuclear path out") that is exhausting state budgets and prompting some countries to burn more coal.

The EU is the world’s third-biggest emitter, after the United States and China.

Beijing has so far resisted [calls from Europe](https://www.financedigest.com/ford-to-make-call-on-europe-job-cuts-by-mid-feb-as-buyers-circle-german-site.html "Ford to make call on Europe job cuts by mid-Feb as buyers circle German site") to accelerate its plan to peak emissions by 2030. China halted climate talks with the United [States this month](https://www.financedigest.com/inflation-in-key-german-states-eases-for-second-month.html "Inflation in key German states eases for second month") after House of Representatives Speaker Nancy Pelosi’s visit to Taiwan.

Fourth-biggest emitter India approved a more ambitious climate [plan this month – to cut](https://www.financedigest.com/meta-plans-to-cut-thousands-of-jobs-as-soon-as-this-week-bloomberg-news.html "Meta plans to cut thousands of jobs as soon as this week – Bloomberg News") the emissions intensity of its GDP by 45% this decade from 2005 levels.

The United States this month approved a huge spending bill to achieve its [goal to halve emissions](https://www.financedigest.com/norways-wealth-fund-tells-firms-to-set-net-zero-emission-goals.html "Norway’s wealth fund tells firms to set net zero emission goals") by 2030, from 2005 levels.

Indonesia and Mexico, both G20 countries, are among those exploring more ambitious pledges. EU climate policy [chief](https://www.financedigest.com/climate-impacts-heading-to-uncharted-territories-of-destruction-un-chief.html "Climate impacts heading to ‘uncharted territories of destruction’ -UN chief") Frans Timmermans and climate ministers from G20 countries will meet in Bali next week to discuss their efforts.

The 27-country EU’s climate target is to [cut its net emissions](https://www.financedigest.com/citi-pledges-to-cut-emissions-for-more-sectors-including-coal.html "Citi pledges to cut emissions for more sectors including coal") 55% by 2030, compared with 1990 levels.

Progress in EU negotiations on laws to deliver that goal, as well as recent proposals to [expand renewable energy faster](https://www.financedigest.com/forescout-and-fireeye-expand-partnership-enabling-faster-response-to-cybersecurity-threats.html "FORESCOUT AND FIREEYE EXPAND PARTNERSHIP, ENABLING FASTER RESPONSE TO CYBERSECURITY THREATS") to quit Russian gas, could serve as the bloc’s strengthened target ahead of COP27.

[Europe is also facing increased pressure from vulnerable countries](https://www.financedigest.com/best-countries-in-europe-to-live-in.html "Best countries in Europe to live in") who want COP27 to establish a fund where rich emitters would pay for the damage and irreversible losses climate change has inflicted on poor countries.

The EU and United States have long resisted such calls. The draft document said the EU supported talks on “arrangements for [funding” to address](https://www.financedigest.com/exclusive-world-bank-seeks-more-funds-to-address-climate-change-other-crises-document.html "Exclusive-World Bank seeks more funds to address climate change, other crises -document") climate-linked losses, but stopped short of backing a new fund.

(Reporting by Kate Abnett; Editing by Jan Strupcszewski and Mark Potter)


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