Brussels/Luxembourg/Bonn, International — EU finance ministers meeting in Luxembourg today have failed to agree on financial support for climate measures in developing countries. Greenpeace warned that the EU's inertia sends a worrying signal to delegates meeting in Bonn this week to prepare the ground for the Copenhagen global climate agreement.
"All it will take is for EU countries to raise the equivalent of the price of a bus ticket for each European citizen every week. But EU finance ministers have put their own political concerns ahead of an opportunity to break the deadlock in global climate talks. The looming economic catastrophe of dangerous climate change will make today's economic woes look like a walk in the park," said Joris den Blanken, Greenpeace EU climate and energy policy director.
Although the EU made a small step by agreeing to criteria to divide up the funding burden between industrialised nations, finance ministers were still unable to put concrete figures on the table. Ministers even ignored the advice of their own financial experts, who called for €100 billion in funding to help developing countries reduce emissions, and failed to make the clear and quantified commitments required to provide additional public funding for adaptation in developing countries.(1)
Joris den Blanken - Greenpeace EU climate and energy policy director:
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(1) Conclusions by the EU's Economic Policy Committee and the Economic and Financial Committee called for €100 billion per year by 2020 for additional investment in forest protection and for cuts in emissions from the energy and agriculture sectors, and in addition for substantial adaptation support based on international public finance.
Environment and development groups estimate industrialised countries should contribute €110 billion per year by 2020 in public resources to support climate action in developing countries, of which €40billion per year from today should be provided for adaptation to the already inevitable impacts of climate change.