'We must phase out fossil fuels, reduce methane emissions': EU Commission chief

ISTANBUL

Global carbon emissions must peak by 2025, EU Commission President Ursula von der Leyen said Friday at this year's UN climate conference COP28, noting that emissions from the bloc were already declining.

"We must phase out fossil fuels. And we must reduce methane emissions," von der Leyen in her address at the event, stressing the need to deliver on past climate commitments.

"At this COP, we will set a decisive step forward to protect the most vulnerable citizens worldwide," she said, adding: "They undergo runaway climate change. They suffer loss and damage. And we will stand by their side."

Pointing to the central role of "ambition, targets, and finance" in addressing climate change, she said these would define this year's gathering in Dubai.

"But what we are calling for globally, we also have to deliver domestically so let me report on what we do in the European Union," von der Leyen stressed.

Emissions have already peaked in the EU, she said. "We have reduced emissions. We are on track to overshoot our target for 2030 and we just adopted a law to drastically reduce methane emissions."

Von der Leyen also stated that the EU urged the world last spring to initiate a call to triple renewable energy and double energy efficiency by the year 2030.

"By now, our call has grown into a powerful movement, more than 110 countries have already joined," she said.

Von der Leyen also urged the world to incorporate these targets into the ultimate decision on the COP, as doing so would convey a "strong message" to both investors and consumers.

On a so-far-unfulfilled commitment by industrialized countries to provide an annual $100 billion for climate investments in developing countries, von der Leyen said this target must be met this year.

"Europe consistently delivered. Last year, the European Union contributed close to $30 billion in public climate finance," she added.

The EU Commission chief said the bloc was actively contributing to a fund for mitigating loss and damages countries incur due to climate-related disasters, having committed over $270 million thus far.

"We must get the fund up and running," she added.

Pointing to the necessity to also revamp the global financial system, she said the future of energy would be characterized by cleanliness, affordability, and being "homegrown."

"We need a strong green bond market and we need more carbon pricing," she said.

Heads of state and governments worldwide, as well as NGOs, businesses and civil societies, are gathering in the UAE at this year's UN climate change conference to accelerate action to tackle the climate crisis.