The EU and its member states will play their rightful part in the annual $USD 100 billion promised in 2009 (COP 15) by developed countries for 2020 to climate change for mitigation and adaptation purposes and will continue this until 2025, in line with the Paris Climate Agreement (COP 21). The EU28 finance ministers confirmed this in Luxembourg on 10 October in a conclusions document for the ECOFIN Council on the financing of climate action.
The consolidated total of financial contributions of the EU and its member states will not be announced until just before COP23 in November.
The Council recognised that mobilising financial resources to keep this collective promise from developed countries is important for ensuring a transformation of economies as stipulated in the Paris Climate Agreement. It said the EU and the EU28 are determined to continue to work to scale up international financing from a wide range of public and private resources and stressed the importance of helping the more vulnerable developing countries and the least advanced countries.
The EU and its member states are the biggest contributors to public financing of climate action. The Council stressed the need to increase the number of contributors and urged other developed countries to keep their promises to this goal and mobilise private resources to this end. (Original version in French by Aminata Niang)