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Friday, 08 January 2016

Climate: what is the EU doing for developing countries?

The 196 parties to COP21 have specified, in the agreement of 12 December, that climate aid from the countries of the North to the countries of the South, supposed to reach 100 billion dollars annually in 2020, must be regarded as a “lower limit” destined to be increased. For the countries of the North this will involve continuing and surpassing their promise made at the Copenhagen conference in 2009 to repay their “climate debt” by means of public and private financing. The financial commitment of the countries of the North has in fact already been a reality for several years. The European Union, in particular, prides itself on being the biggest contributor of climate-related funding to developing countries. In 2009, in Copenhagen, developed countries promised to contribute approximately 30 billion dollars over three years by way of fast-start finance to combat climate change in developing countries. The EU had undertaken to provide EUR 7.2 billion, i.e. approximately a third of this financing. In the end it surpassed its target, with financing amounting to EUR 7.34 billion, drawn from public budgets and other development financing institutions, from the 28 EU Member States. In 2014, the EU’s contribution reached 14.5 billion. At the same time the European Investment bank (EIB), which belongs to the EU Member States, has contributed to climate related projects, both within the EU and in developing countries. Over the last five years, the EIB has invested more than EUR 90 billion in mitigation and adaptation projects in Europe and elsewhere in the world, surpassing its objective of devoting a quarter of its activity to climate actions. For developing countries, the EIB has notably increased its support to more than EUR 2 billion a year.

Source: UP