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Wednesday, 14 November 2012

EU finance ministers must step up climate cash flows to poor countries

EU finance ministers must be prepared to give concrete assurances that climate finance will not fall off a cliff in December, but will continue to be provided to support climate action in developing countries, argue the member of the European Parliament for the Green Group, Satu Hassi, and the director of Climate Action Network Europe in Brussels, Wendel Trio.
EU finance ministers discussed on 13 November the details for how to keep the EU’s commitment to providing climate finance to developing countries, in preparation for the next UN climate summit starting in Doha in a few weeks.
A pathway forward must be found soon, as the “Fast-Start Finance” (FSF) period, established at the UN conference in Copenhagen for the period 2010 to 2012, runs out at the end of this year.
EU finance ministers must be prepared to give concrete assurances that climate finance will not fall off a cliff in December, but will continue to be provided to support climate action in developing countries.Right now there is no roadmap for how the EU plans to meet its share of the $100 billion annually by 2020 already promised to developing countries, nor is there any money in the UN’s Green Climate Fund. A lack of clarity on finance beyond 2012 could spell disaster for vulnerable countries already struggling to cope with the effects of a changing climate.
If not backed up by a solid European climate finance package beyond 2012, the EU may find it hard to negotiate with its new allies in Doha.

 

Source: Euractiv

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