Climate Targets

Finance

 

'Public finance in Europe should catalyse the transition away from fossil fuels and towards 100% renewables and fully energy efficient economies'

 
In 2016, the EU and its Member States ratified the Paris Agreement, demonstrating their ambition to limit global temperature rise to 1.5°C. The Paris Agreement stipulates that financial flows need to be made “consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.” The Paris Agreement requires major overhaul of not just climate and energy policies in the EU, but also financial policies and investments to ensure a shift in support away from fossil fuels and instead towards a renewable energy, energy efficiency and climate resilience. 

CAN Europe works to ensure public financial flows in Europe are shifted away from fossil fuels and towards renewable energy and energy efficiency. This entails ending fossil fuel subsidies, making sure that the EU budget catalyses the transition away from fossil fuels and that EU’s financing facilities, policy tools and development banks undergo ambitious reforms that lead the way in the transition of the EU economy away from fossil fuels.

banner eu budget2

EU Budget

FussilFuelSubsidies

Fossil Fuel Subsidies

Climate Development

Climate Finance & Sustainable Development



 Contact

 

Markus Trilling
Finance and Subsidies
Policy Coordinator
markus/at/caneurope.org
+32 2 894 4688

Nicolas

Nicolas Derobert
Communications Coordinator
Nicolas/at/caneurope.org
+32 2 894 4673

RACHEL2

Rachel Simon
Network Outreach Officer
rachel/at/caneurope.org

Latest publications

  • Businesses, cities and NGOs call for fossil fuel-free investments in EU’s regions

    “To make decarbonisation a reality, voting down the eligibility of fossil fuels, including gas, is key.” This is the message sent today by businesses, local authorities and NGOs to the members of the European Parliament as they will decide this week if they will turn back the clock by allowing funding for fossil fuels in Europe’s regions from 2021 to 2027, or if they will choose a path of sustainable development for Europe’s regions, bringing them new jobs, competitiveness and modernisation.
  • Open letter to MEPs ahead of plenary vote on Cohesion Policy funding

    “To make decarbonisation a reality, voting down the eligibility of fossil fuels, including gas, is key.” This is the message sent today by businesses, local authorities and NGOs to the members of the European Parliament as they will decide this week if they will turn back the clock by allowing funding for fossil fuels in Europe’s regions from 2021 to 2027, or if they will choose a path of sustainable development for Europe’s regions, bringing them new jobs, competitiveness and modernisation.
  • Ministers debate increase of EU budget for climate action

    Today EU ministers exchanged views on the climate aspects of the next EU budget after 2020 at a General Affairs Council. Most Member States agreed to the proposal of the European Commission that 25% of it will have to serve climate action. Few progressive voices call for a more ambitious spending target as well as for excluding any funding to go to supporting fossil fuels.
  • MEPs boost climate action support to developing countries

    Today members of the European Parliament’s Foreign Affairs and Development Committees brought the EU’s future external investments in closer alignment with Paris Agreement goals. They improved on the European Commission’s proposal by agreeing to increase the climate and environment spending target and to exclude fossil fuels from EU funding going to developing countries.
See All: Shifting Financial Flows