On Thursday 6 June, in a new report on the evolution of the EU’s contribution to international funding for the fight against climate change, the coalition of environmental organisations CAN Europe recommended that EU funding for developing countries in this area should mainly be provided in the form of grants, in particular for adaptation and loss and damage.
“Many developing countries are facing a serious debt crisis”, says CAN Europe.
However, in 2022, 52% of all climate finance from the EU and Member States combined was provided through instruments other than grants, in particular loans.
The study also highlights the lack of a clear definition of ‘climate finance’ and the absence of a robust international accounting system, “which has potentially led to overestimates of the climate relevance of projects and total financing”.
This report is part of the next climate financing framework under the United Nations Framework Convention on Climate Change (UNFCCC) (see EUROPE 13422/1), namely the New Collective Quantified Goal, which should be adopted at COP29.
To see the report: https://aeur.eu/f/ckm (Original version in French by Pauline Denys)