Thank you very much Alok and let me start by joining others in thanking you for all your efforts so that we can conclude this COP with ambitious conclusions that we could take home and then start to work on what needs to be done.
This morning, or an hour ago, my son Marc sent me a picture of my grandson, Kees, who is one year old. I was thinking Kees will be 31 when we're in 2050, and it's quite a thought to understand that if we succeed, he'll be living in a world that's liveable. He'll be living in an economy that is clean, with air that is clean, at peace with his environment.
If we fail, and I mean fail now within the next couple of years, he will fight with other human beings for water and food. That's the stark reality we face. So 1.5 degrees is about avoiding a future for our children and grandchildren that is unliveable. I might not reach 2050, probably won't. But he will be there as a young man, and I want him to live a peaceful prosperous life, like I want it for everybody's children and grandchildren in this room. This is personal. This is not about politics.
And I don't live in Palau. I don't live on Barbados. I don't live on the Marshall Islands. But there it's even far more personal because you're standing with your feet in the water. And this is what we need to address today. We need to make sure major emitters reduce their emissions so that we keep 1.5 alive. That needs to be at the heart of our conclusions today.
We need to be able to say when we meet again in Egypt next year, we've done it, we're on track for 1.5. That was what we need to do between now and next year. Everyone needs to take their responsibilities. The European Union, we're doing our part, our targets are even written into law. So we will be sure to contribute to that. And if we need to do more, we will be doing more.
The COP must also send a clear signal about our commitments to halt fossil fuel subsidies, and finally turn the page on coal. We've seen last week through the leadership of South Africa that real change is possible, even under very difficult circumstances. And I applaud the leadership of President Ramaphosa, that is the way forward and we want to be part of that form of transition. So let's leave Glasgow with a strong action on coal power, on subsidies for fossil fuels. Because without these concrete steps, our targets will be utterly meaningless.
We can only get started in earnest, we can only ensure that we keep the major emitters accountable, if we now finally finalize that rulebook. It's like a pebble in the shoe for years now, we need to get this done. And I believe that we must adopt the reporting formats applicable to all Parties and essential to tracking progress towards our targets. On Article 6, we must conclude rules that ensure environmental integrity of international carbon markets that increase, and do not undermine, the ambition of NDCs.
We believe that the compromise on the table here in Glasgow is a better option than what was on the table in Madrid. And it can lead to robust and vibrant markets that can support compliance with Paris and introduce discipline to voluntary markets. But we have to move quickly so that we close these loopholes and that we can go away saying finally the Rulebook is agreed.
As we hear across this room, and we've just heard some compelling testimony. The crisis is here, the climate crisis is upon us. As I’ve just mentioned, countries like Palau, and Barbados and others, who are suffering so terribly already now. Adaptation is already today a matter of survival.
I've heard that call loud and clear this week. Also this morning from the High Ambition Coalition and the African Group. Loss and damage is a key part of our conversation. It's time to move and find the solutions that will help vulnerable countries respond to the damage and destruction the climate crisis has already caused.
We can find a way out of this, I'm sure, together in a cooperative atmosphere. So let's keep working, building on the progress already achieved, which is well reflected, thank you for that Alok, in the text.
On finance, developed countries have not delivered enough. Much has been said about the $100 billion committed for 2020. Only reaching that objective by 2023 is frankly disappointing. In the past few months, considerable efforts have been made to close the gap. The European Union already gives $27 billion and is ready to explore the possibility of further efforts.
We fully support the call of the High Ambition Coalition with respect to adaptation finance. We also understand the importance of getting more predictability, more stability to those flows. Looking ahead, we must also acknowledge that this cannot just be the same public money from the same donors.
Yes, existing flows must continue and must increase, double where possible. But to make a real dent, we need to grow our donor base. We also need to be creative. Private Finance has to be a part of the equation and we have to look at the role played by global financial institutions. They were built for a world for 1945, they are no longer fit for the world of today. So we need to make sure they are ready to address the challenges humanity faces now.
If we are really to be on track for the 1.5 we will need a lot more financial firepower, and I salute the creativity of people like Prime Minister Mia Mottley, Draghi, and others who said let's look at the role SDRs could play in all of this. Let's mobilise every instrument we have at our disposal.
At the same time, we have to continue to work on setting a new collective, quantified goal on climate finance for the time after 2025. We stand ready to work on this in the coming hours. Time is running out, but it's not too late. So let's get cracking.