The resolution calls on developed countries, including the EU and its member states, to ensure that the annual climate finance goal of $100 billion is met in 2023 and to work on a post-2025 goal that would go beyond this amount. It reiterates Parliament's request for a dedicated EU public finance mechanism to provide adequate support to meet the EU's climate finance commitments.

MEPs also want COP28 to make the loss and damage fund operational. They underline that all major emitters, including EU countries, should be ready to contribute their fair share to the fund.

The resolution recalls that fossil fuels are the largest contributors to climate change, responsible for over 75% of all greenhouse gas emissions, and calls to urgently end all direct and indirect fossil fuel subsidies, both at EU and national levels, “as soon as possible and by 2025 the latest”. MEPs also encourage governments worldwide to do the same, noting that the highest amount ever recorded (over €900 billion) was spent globally in 2022 on fossil fuels subsidies.

At COP28, MEPs support a global target to triple renewable energy and double energy efficiency by 2030, together with a tangible phase-out of fossil fuels as soon as possible, including halting all new investments in fossil fuel extraction.

MEPs recall that the climate and biodiversity crises are interlinked and that the goals of the Paris Agreement cannot be met without restoring nature. They emphasize the importance of protecting, conserving, and restoring biodiversity, particularly soils, forests, agricultural ecosystems, freshwater bodies, and oceans.

The resolution finally calls for increased efforts globally in a variety of sectors: combating plastic pollution; addressing the climate and environmental impact of the textiles industry; and further reducing methane emissions, emissions from international shipping and aviation, agriculture, and defence.

The resolution will be put to a vote by the full house during the plenary session of 20-23 November.

COP28 occurs from 30 November to 12 December 2023 in Dubai (United Arab Emirates). A Parliament delegation will attend COP28 between 8 and 12 December.

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, which aims to provide an overall picture of its implementation progress.