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Tuesday, 01 June 2010

EU ministers agree broad outline for climate aid

EU finance ministers endorsed a report laying down Europe's priorities on climate aid for developing countries but left open details of how they will share the costs. Ahead of the Copenhagen climate conference in December, the EU promised to offer poor countries €2.4 billion a year in "fast-start finance" between 2010 and 2012. But while the report confirms the sums agreed, it falls short on detail, notably regarding how EU member states will share the costs between themselves. The EU appears to be taking care not to set a precedent for future international negotiations on climate financing with its fast-track funding pledges. Ministers stress that the fast-track contributions are voluntary pledges and therefore not based on any distribution key. The voluntary nature of the funds was a concession to a bloc of Eastern European member states, who were concerned about putting an extra financial burden on their economies.

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