European Commission Executive Vice-President Frans Timmermans and Ministers from the European Union and the African, Caribbean and Pacific (ACP) Group of States, together making up more than half of the signatories to the Paris Agreement on climate change, today met at COP25 in Madrid to discuss joint action to enhance global climate ambition.
The 2020 monetisation of the first batch of 50 million allowances for the Innovation Fund was planned to start on 7 January 2020 but will be slightly delayed. The auctions of Member States’ allowances will take place as scheduled. This slight postponement of the monetisation will not delay the launch of the Innovation Fund.
Today at COP25, European Commission’s Executive-Vice President for the European Green Deal Frans Timmermans was announced as the new Co-Chair of the Global Covenant of Mayors for Climate and Energy, alongside Michael R. Bloomberg.