On Monday 27 October, in its official publication of figures on climate finance, the Council of the EU indicated that the EU and its Member States had contributed €31.7 billion in 2024 to financing climate action in developing countries.
This public financing was supplemented by €11 billion of private financing.
These figures were published following the adoption of the EU Council’s conclusions on climate finance (see EUROPE 13729/10) and ahead of COP30, which begins on 10 November in Belém (Brazil).
According to data compiled by the European Commission, half of all public financing for developing countries has been earmarked for adaptation to climate change, or for initiatives combining both mitigation and adaptation to climate change.
Almost 50% of the public contribution from the EU and the Member States took the form of subsidies.
Of the €31.7 billion in climate financing from public budgets, €4.6 billion comes directly from the EU budget, and €2.4 billion from the European Investment Bank.
According to an EU Council press release, these figures “represent a strong confirmation of the EU, and its member states, resolve for delivering on their international climate finance commitments, particularly towards the developed countries’ collective goal of mobilising $100 billion per year”. This target will apply up to and including 2025, before increasing to $300 billion annually by 2035, as agreed at the COP29 in 2024 (see EUROPE 13737/3).
To see the EU Council’s conclusion on climate finance: https://aeur.eu/f/j63 (Original version in French by Pauline Denys)