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Monday, 13 December 2010

2.2 billion euros for combating climate change in developing countries

In 2010, the European Union and its member states contributed 2.2 billion euros to the ‘fast start’ financing. Fast start financing is a rapid form of financial aid for developing countries so that they are able to move quickly to continue combating climate change. This was announced by the EU on 30 November during an event at the UN Climate Summit in Cancún (Mexico).At the Climate Summit in Copenhagen in December 2009 the industrialised countries pledged that for the period 2010-2012 they would jointly allocate 30 billion dollars for the fast start financing. For this period, the EU was to contribute a total of 7.2 billion euros, representing approximately 1/3 of the overall amount.In the course of 2010 the EU already mobilised 2.2 billion euros to support developing countries in:
• reducing their emissions of greenhouse gases (mitigation): 1.06 billion euros;
• combating deforestation (REDD+): 362 million euros;
• adapting to the negative consequences of climate change (adaptation): 735 million euros.

Source: Belgian Presidency of the Council of the European Union