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Tuesday, 10 November 2015

Climate: EU should lead, not rob the aid pot

Lies Craeynest, Oxfam EU policy advisor on climate change and global food security explains that keeping global temperatures from rising by more than two degrees will cost a lot, but the world’s poorest countries should not have to suffer in order for the bill to be paid. Craeynest notes that even if world leaders in Paris agree to commit to limit global warming to two degrees, large sums of financial support will be needed to adapt to the inevitable consequences of climate change: Africa is expected to face costs of $50 billion a year by 2050 under a two-degree scenario – that is equivalent to half of all today’s aid. The time is ripe for the EU to provide new leadership, cut down on fossil fuel subsidies and re-engage in mobilising innovative sources of public finance that are not dependent on limited aid budgets. Hence, there is no excuse not to set up an extra fund to help developing countries cope with the impacts of the pollution covered within the EU Emissions Trading Scheme (EU ETS).

Source: euractiv.com