On Tuesday 6 November, EU finance ministers meeting in Brussels reaffirmed the EU and member states’ commitment to scale up the mobilisation of public and private resources as a fair contribution to the $100 billion/year collective quantified goal – pledged first and foremost by developed countries – by 2020 and until 2025 to support the mitigation (reduction of greenhouse gas emissions) and adaptation efforts by developing countries.
This message is written black on white in the conclusions the ministers adopted with a view to the COP24 in Katowice (Poland, 2-14 December). This completes the EU’s mandate for negotiation as defined by the Environment Council on 9 October before being endorsed by the European Council (see EUROPE 12120, 12113).
As money is the crux of the fight against climate change, the ministers reiterate how important it is to successfully conclude the Paris working programme at the COP24, to make ambitious and swift progress so that the flow of climate finance is compatible with transition development that is low in greenhouse gas emissions and resilient. They also underline that public funding alone will not be enough although it will continue to play a major role.
The Council welcomes the fact that the EU and its member states are the largest contributor to public climate funding resources with €20.4 billion provided in 2017 (of which €2.8 billion is from the EU budget and EDF and €2.6 billion from the EIB). It urges the other developed countries to continue to step up mobilisation of public resources. In addition, it underlines the importance of the private sector for completing climate finance.
The Council acknowledges that climate finance is particularly important for the most vulnerable countries, especially to least developed countries (LDCs).
CAN Europe considers such conclusions are “a step in the right direction”, as “greater climate finance for these countries that are on the front line when it comes to suffering the worst impact of global warming is of capital importance for increasing their resilience and putting them on the right track towards zero emissions energy systems”. (Original version in French by Aminata Niang)