Brussels, 10/11/2011 (Agence Europe) - As the global climate conference in Durban, South Africa (COP 17, 28 November-9 December) draws closer, the EU has nothing to be ashamed of in terms of providing the immediate aid promised to developing countries to support their adaptation and mitigation efforts (€7.2 billion over three years, 2010-2012), European Climate Action Commissioner Connie Hedegaard has said.
“Despite the severe economic downturn and strong fiscal constraints in Europe, we've mobilised €2.34 billion also in 2011”, she said on Wednesday. She based her comments on the conclusions adopted the previous day by the Ecofin Council ahead of Durban where the EU will present a detailed report on the state of play in “fast-start” funding.
EU finance ministers confirmed that, so far, the EU has mobilised €4.68 billion to meet its pledge, with 39% going to mitigation efforts (reducing CO2 emissions), 31% to adaptation efforts and 12% to support initiatives to reduce deforestation and forest depletion (REDD+). The remaining 18% cannot be placed in any single category as the activities supported pursue multiple objectives, the Council said.
With regard to long-term funding, finance ministers contented themselves with stressing the need to step up a gear after 2012 and, with other developed countries, to identify ways to fund the $100 billion needed annually until 2020, through public and private means. They welcome the final report prepared by international organisations for the G20 finance ministers on mobilising climate financing as a good basis for discussion. The Ecofin Council made it clear once again that the EU stood ready to accept its share of the funding effort. (AN/transl.rt)