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Thursday, 23 February 2012

Council of the EU : Durban Conference’s follow-up

In the course of the 3148th Economic and  Financial Affairs Council meeting, ministers adopted several conclusions on “Climate finance - follow-up to the Durban Conference”. Notably, the Council “commits during 2012 to continue to work together with other countries and relevant stakeholders, on potential pathways for long term finance, including analysing the options for the mobilization of resources from a wide variety of sources, including innovative sources, that may contribute to reaching the long term committed goal of mobilizing jointly US$100 billion per year by 2020 by developed countries in the context of meaningful mitigation actions and transparency on implementation, and the monitoring and reporting of climate financing”.
Ministers, who welcome the approval of the governing instrument for the Green Climate Fund (GCF), stress that the “Fund is to make a significant and ambitious contribution to the global efforts towards attaining the goals set by the international community to combat climate change” and “will promote the paradigm shift towards low – emission and climate – resilient development paths by providing support to developing countries to limit or reduce their greenhouse gas emissions”.

Source: Council of the European Union