- France urges COP29 to refocus on phasing out fossil fuels, linking it directly to North-South climate financing.
- Minister Agnès Pannier-Runacher is pushing for global financial reform, including tax mechanisms, to support the energy transition in developing nations.
- Pannier-Runacher warns that failure at COP29 could hinder progress at COP30, stressing economic risks for countries slow to commit to climate action.
France has renewed its call to prioritise the global phase-out of fossil fuels as COP29 in Baku struggles to make headway. French Minister of Ecological Transition and Energy, Agnès Pannier-Runacher, stresses the urgent need to address climate action and global financing.
In an interview with Les Échos, Pannier-Runacher highlights the importance of focusing on the fossil fuel phase-out. She notes how discussions at COP29, scheduled to end Friday, have shifted toward North-South climate financing. This focus risks overshadowing the fossil fuel phase-out objective at COP28 in Dubai.
“The North-South financing only makes sense if it supports the phase-out of fossil fuels,” she says, calling for global solutions to tackle climate challenges. She argues that wealthy nations must do more than offer one-time contributions. Instead, she advocates for a thorough global financial system reform, including new international tax measures to mobilise funds.
France’s initiative aims to raise billions of dollars to help developing countries transition from fossil fuels. Pannier-Runacher also emphasises the European Union’s critical role in driving global climate efforts, especially as the United States withdraws from its Paris Agreement commitments. She adds that China could step up as a leader in upcoming negotiations.
The minister warns that failing to secure concrete agreements at COP29 could complicate the path forward, especially at COP30 in Belém, Brazil. That conference will be crucial in advancing efforts to limit global warming to 1.5°C. She points out the lack of preparation for COP29 compared to previous meetings. Still, she remains hopeful that world leaders can agree on new financing solutions and concrete actions to accelerate the energy transition.
Pannier-Runacher also highlights the potential economic risks for countries like the U.S. that hesitate to commit to climate action fully. Major corporations, such as ExxonMobil, have already voiced concerns about the possibility of marginalisation in international markets if they continue to rely heavily on fossil fuels.
France’s push for a fossil fuel phase-out is critical for global climate negotiations. International tensions and conflicting priorities have hampered progress at COP29. Still, Pannier-Runacher believes world leaders will eventually agree on fundamental financing mechanisms and measures to speed up the shift to clean energy.
The decisions made at COP29 will shape the future of global climate efforts, with COP30 expected to be pivotal in Brazil. France aims to solidify its position as a leader in the fight against climate change by driving the conversation toward phasing out fossil fuels and reforming global finance.