Charles Michel shares his expectations from COP29

The world is facing a climate threat that is an existential threat to humanity, European Council President Charles Michel said as he delivered his national statement at the opening of COP29 in Baku.

"It is our responsibility as human beings to wage this war against nature," he said, while pointing out that developed countries bear greater responsibility for climate change and should therefore lead by example.

Michel underscored the Paris Agreement as "our peace treaty with nature", urging that the principle of cooperation should govern the implementation of the accord.

Michel highlighted the European Union's commitment to financing climate efforts, announcing $31 billion in EU contributions and calling on others to join, particularly G7 and emerging countries.

"We must show courage and solidarity. You can count on the European Union, which annually allocates 31 billion US dollars as part of its financial commitments. This is more than a fair share, and we call on all our colleagues, including G7 countries and rapidly developing economies, to follow our example," the European Council president noted.

He also emphasized that the EU supports a multi-level approach in fighting climate change. To mobilize climate efforts further, Michel supported a "multi-track approach" that includes carbon pricing and involving development banks.