Brussels, 15/05/2013 (Agence Europe) - A fast track funding report for tackling climate change adopted on Tuesday 14 May in Brussels by EU27 finance ministers illustrated the fact that the EU and its member states had collected €7.34 billion to fund climate mitigation and adaptation action by developing countries for the 2010-2012 period.
The ECOFIN Council subsequently drew on these figures to underline the progress accomplished in meeting the pledge made in 2009 to developing countries to provide them with €7.2 billion to help them fund measures for tackling climate change over a three-year period (2010-2012).
In its unanimous conclusions, the Council explained that despite the difficult economic situation and harsh budgetary restrictions, the EU and its member states had not only respected the commitment they made in Copenhagen in 2009 during the 15th session of the Conference of Parties (COP 15) to the United Nations Framework Convention on Climate Change, they had gone even further.
European Commissioner for Climate Action, Connie Hedegaard, was delighted with this achievement and stated that, “this is a very clear demonstration of the EU's commitment to finding a global solution to the benefit of all to the impacts of climate change”.
In 2012 alone, the EU and its member states collectively mobilised €2.67 billion for this cause. 48% of which will be used to fund mitigation action (such as reducing greenhouse gas emissions), 28% to support adaptation measures, 12% for supporting action to reduce deforestation and forest degradation in developing countries and 12% for funding sectoral activities and other action to help in the fight against global warming. There is, however, no clear demarcation with regard to the areas of the action taken.
The Council is calling on the European Commission to update the data from this report before submitting it to the Secretariat of the United Nations Framework Convention on Climate Change. It is also highlighting the need to work towards establishing common internationally recognised standards for monitoring, reporting and verifying funding flows in the fight against climate change. (AN/transl.fl)