The lack of hard cash from the EU means the world is no closer to guaranteeing that a good global climate deal will be agreed at the end of the year in Copenhagen.
While they agreed to repay their carbon debt in principle and that is a step in the right direction, it's as though the politicians have ordered the bill, but nobody is reaching for their wallets to pay their share (...and if the restaurant goes out of business…).
No money, no deal, no future
Our EU climate and energy policy director, Joris den Blanken, explained the politics quite simply:
"The EU is waiting for Godot. We have now wasted three months until the next EU Summit in June. The EU has agreed it must repay its carbon debt, but developing nations are going to think twice about joining a global climate agreement without concrete financial commitments from rich countries. You cannot start negotiating about who should contribute what to tackle climate change unless there is money on the table."
Climate scientists emboldened
The world's top climate experts have warned us again that climate change is accelerating at a greater rate than they expected. At a meeting last week, they warned of the dangers of runaway climate change if we do not take urgent action now.
People power
If only politicians felt the same way about saving the planet as they do about saving banks. The climate crisis is making activists of all sorts of people all over the world. People want leadership on climate change and are demanding more from their politicians. And they're taking direct action to expose climate villains too.
The movement is growing wider and bolder as the countdown to the Copenhagen climate summit approaches. From flash blockades in Brussels, mass civil disobedience protests at coal power plants in the US and UK, to global actions online and in homes, schools and businesses around the world.
What now for the politicians?
We need European governments to stop wasting precious time and to repay their carbon debt. We want them to show leadership at the forthcoming EU ministerial meetings.
Richer developed countries need to contribute at least EUR 110 billion a year by 2020 to make sure developing countries are able to reduce emissions of greenhouse gases and cope with the already unavoidable impacts of climate change.
Each country's contribution towards a climate bailout plan is based on its ability to pay and its level of responsibility in causing climate change. Based on this, the European governments' share is EUR 35 billion a year by 2020.
There are other international opportunities and actors of course. The G20, meeting in London in early April, should start with climate financing high on the agenda.