EU climate finance woefully inadequate
In 2018 the EU provided EUR 21.7 billion in climate finance to developing countries, according to EU Council conclusions adopted today ahead of the UN Climate Summit COP25.
This is only a marginal increase compared to EUR 20.4 billion in 2017 and EUR 20.2 billion in 2016.
Wendel Trio, Director of Climate Action Network (CAN) Europe said:
“EU climate finance is increasing far too slowly to meet the rapidly growing needs of the poorest people in the world. On top of that, most of the money is diverted from existing development aid and adaptation remains sorely underfunded. European countries continue to dodge their responsibility to empower developing countries to cut emissions and adapt to the impacts of the climate crisis.”
At the UN Secretary General Climate Action Summit in September, many developing countries committed to scale up their climate targets in 2020, but only if they receive the necessary financial support to do so. European countries have a number of opportunities ahead to step up and put money on the table, including COP25 in Chile, in December. They can do so by doubling their previous contributions for the Green Climate Fund replenishment taking place at the moment.
Under the UNFCCC developed countries have agreed to a collective climate finance goal to jointly mobilise USD 100 billion per year to developing countries by 2020 through to 2025.
Economic and Financial Affairs Council conclusions on climate finance, 8 November: https://www.consilium.europa.eu/en/press/press-releases/2019/11/08/climate-finance-eu-and-member-states-contributions-up-to-21-7-billion-in-2018/
CAN Europe, Big European donors help refill Green Climate Fund, but a number of European countries still fail to step up, http://www.caneurope.org/publications/press-releases/1835-big-european-donors-help-refill-green-climate-fund-but-a-number-of-european-countries-still-fail-to-step-up
Ania Drazkiewicz, CAN Europe Head of Communications, firstname.lastname@example.org, +32 494 525 738
Climate Action Network (CAN) Europe is Europe's leading NGO coalition fighting dangerous climate change. With over 160 member organisations from 35 European countries, representing over 1.700 NGOs and more than 47 million citizens, CAN Europe promotes sustainable climate, energy and development policies throughout Europe.