The European Union plans to urge the fossil fuel industry to aid in combating climate change in less affluent nations under a United Nations objective, a preliminary document reveals. This comes as nations gear up for discussions this year at the UN’s COP 29 regarding a worldwide financial objective.

Reuters, in an exclusive, reported on the document. The initial EU statement, outlining the bloc's focal points for climate diplomacy this year, may undergo modifications before its formal adoption by EU foreign ministers later this month.

This year's UN climate talks, scheduled for November in Baku, Azerbaijan, serve as the cutoff for nations to establish a fresh objective regarding how much prosperous, industrialised nations should allocate to assist less affluent ones in adapting to the severe impacts of a warmer planet.

Given the escalating expenses linked to deadly heatwaves, droughts and the rising sea levels, the anticipated new climate finance objective is likely to surpass the existing UN commitment by wealthy countries to expend $100bn annually from 2020 – a target they missed.

A preliminary statement for a forthcoming meeting of EU foreign ministers towards the end of this month indicates that the 27-nation bloc intends to advocate for the inclusion of the oil and gas sector in contributing to these efforts.

"Recognising that public finance alone cannot provide the quantum necessary for the new goal, additional, new and innovative sources of finance from a wide variety of sources, including from the fossil fuel sector, should be identified and utilised," said the draft statement, which was seen by Reuters.

At COP29 in Baku, nations face a choice: whether the new climate finance objective will rely solely on public funds or involve private enterprises and global institutions to meet the escalating needs of developing nations.

The OECD has projected that the genuine climate investment requirements of poorer nations could amount to $1 trillion annually by 2025.

Wopke Hoekstra, the EU's climate policy leader, aims to garner backing for international levies on fossil fuels. However, achieving consensus on such a pact poses a considerable challenge, given the widespread support necessary for a global initiative.

The EU aims for climate neutrality by 2050.

According to the preliminary document, the EU will persist in demanding that major emerging economies and countries with significant CO2 emissions and per-capita wealth, such as China and Middle Eastern nations, contribute to the new UN climate finance target.

China has vehemently opposed this stance in prior UN climate negotiations. The issue of which nations should contribute is poised to be a central point of contention at this year's COP29 climate summit.