In 2023, the European Union and its 27 Member States contributed €28.6 billion to financing the fight against climate change from public sources, according to figures published by the Council of the EU on Tuesday 5 November.
They mobilised an additional €7.2 billion in private funding to help developing countries reduce their greenhouse gas emissions and adapt to the effects of climate change. These figures have been published in preparation for the United Nations Climate Change Conference of the Parties (COP29), to be held from Monday 11 to Friday 22 November in Baku, Azerbaijan. The figures are based on the EU reporting rules on climate finance set out in the Governance Regulation. They accompany the conclusions on financing the fight against climate change, which the European finance ministers approved on Tuesday 8 October in Luxembourg at the Ecofin Council (see EUROPE 13499/23).
According to data compiled by the European Commission, around half of public climate funding for developing countries has been devoted to climate adaptation or cross-cutting actions, involving both climate change mitigation and adaptation initiatives. Grants account for almost 50% of the public contribution from the EU and the Member States.
Further information: https://aeur.eu/f/e77 (Original version in French by Anne Damiani)