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EU snubs Green Climate Fund, France pledges to contribute

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Tuesday, 15 July 2014

EU snubs Green Climate Fund, France pledges to contribute

The Green Climate Fund will be launched later this year, but India, China and, perhaps more surprisingly, the European Commission, will not contribute to its capitalisation. France promised to contribute, and called on its partners to do the same. EurActiv France reports.

The capitalisation of the Green Climate Fund is under way, but without the EU. The first roundtable talks will be over by late 2014, but the European Commission will not be present. Due to governance issues, it has refused to contribute to the fund, which aims to help developing countries deal with climate change.

"The Commission will not take part directly in the capitalisation of the Green Climate Fund, because it will not sit on the fund's management board," a source close to Connie Hedegaard, Commissioner for Climate Action, told EurActiv France.

The multilateral fund was established by the Copenhagen and Cancún agreements. It aims to centralise adaption funding and reduce emissions in developing countries. In order to fund this ambitious plan, numerous developed countries promised to donate over €100bn by 2020.

Source: EurActiv.com