EU leaders back global climate funding for developing countries but fail to put their money where their mouth is

Greenpeace EU climate policy director Joris den Blanken said: “The EU failed to use this opportunity to put its money where its mouth is. But all is not lost: today twenty-seven of the world’s richest nations have backed global funding to tackle climate change in developing countries. The Copenhagen train is still running, but the world desperately needs some climate leadership to stop the wheels from jumping off the track. Regardless of whether climate legislation is passed in the US ahead of Copenhagen, president Obama should step up and break the deadlock in negotiations.”

The European Commission has called on the EU to contribute a share of up to €15 billion for climate action in developing countries. Greenpeace and other civil society groups are calling for at least €35 billion in annual public funding from the EU by 2020, out of a global €110 billion in public funding from all rich nations. The European Parliament's environment committee last week called for the EU to commit €30 billion and for all industrialised countries to pledge €100 billion. Greenpeace regrets that the EU’s global funding pledge is still less than half of what is needed to prevent the worst effects of climate change.

Climate funding has been a relentless sticking point in the run up to the Copenhagen climate summit. Without the promise of adequate financial support, developing countries will be unable to reduce their growth in emissions. The funding is designed to help developing countries protect forests, invest in cleaner and more efficient industries, and adapt to the already unavoidable impacts of climate change.