Minister for Climate and the Environment attends UN Climate Change Conference COP29

One of the key issues for negotiation at COP29 is the New Collective Quantified Goal (NCQG) for financing of climate measures and which countries should contribute to climate financing. Sweden and the EU are pushing for a realistic NCQG, a broader donor base of countries providing financing to include rich developing countries such as China and the Gulf states, and the inclusion of different financial flows in the NCQG. 

Sweden will contribute SEK 8 billion to the UN’s Green Climate Fund for the next four-year period (2024–2027). The GCF’s various projects are expected to reduce global emissions by almost 1000 million tonnes of carbon dioxide by 2030. Sweden will also contribute SEK 200 million to the new Fund for responding to Loss and Damage. This contribution will be disbursed over several years, starting in 2025. The Fund aims to help particularly vulnerable countries manage climate-related loss and damage.

“Sweden is – and will remain – one of the most ambitious countries per capita when it comes to climate financing. We are bringing a strong economic contribution to COP29. Our message is that Sweden is doing its share in terms of climate financing,” says Ms Pourmokhtari.

Sweden and the EU also want all countries around the world to step up the pace of work on their new Nationally Determined Contributions (NDCs). The G20 countries account for 80 per cent of total global emissions, and the biggest emitters – such as China, India, the United States and Brazil – must reduce their fossil emissions if the Paris Agreement’s 1.5-degree target is to be met. 

“Our most important message to the countries of the world is one of urgency and opportunities. Urgency, due to the serious situation we are in and that scientists consistently warn us about, which requires a new level of ambition in global climate efforts. At the same time – in this serious situation – there are also major opportunities for countries that are in the vanguard and undertake an ambitious and effective climate transition combining substantially reduced emissions with growing prosperity,” says Ms Pourmokhtari. 

Sweden considers that the level of ambitions in international climate action must be raised urgently, but that this will also lead to many new opportunities for development and innovation. Sweden negotiates through the EU, and is pushing for Swedish priorities to have an impact on the EU’s positions.

Next year, ahead of COP30, the parties are due to submit new NDCs for the period up to 2035. The previous Climate Change Conference, COP28 in Dubai, agreed that the world would begin transitioning away from fossil fuels, and countries were urged to demonstrate this in their NDCs. European Council conclusions from 14 October show that EU environment ministers want COP29 to result in an ambitious and balanced outcome where the 1.5-degree target is still within reach. 

“Our hope is that COP29 will be a platform to demonstrate the progress that has been made in the global transition, both through follow-up of the commitments that the countries of the world made via the global review at COP28 in Dubai, and also through impact that we want to see in the new Nationally Determined Contributions that every country is due to present ahead of COP30 next year,” says Ms Pourmokhtari.

Ms Pourmokhtari will take part in the final negotiations. She has given Sweden’s national address and chaired a meeting of the LeadIT project, which is led by Sweden and India, with the goal of reducing industrial emissions in 18 countries. She will also take part in negotiation meetings with other Nordic and European ministers and take part in panel discussions and talks with Beyond Oil and Gas, among others, as well as bilateral meetings.