European Commission – Press release
Brussels, 25 October 2016
The Commission welcomes the European Union’s strong commitment to scale-up financing for climate action in developing countries, which showed a significant increase in 2015.
This demonstrates the EU’s determination to contribute its fair share of the goal set by developed countries to provide USD100 billion in annual finance to developing countries from various sources by 2020. The recent Climate Finance Roadmap prepared by the donor community indicates that they are on track to meet the ambitious goal. A new collective goal will be set by 2025.
Commissioner for Climate action and energy Miguel Arias Cañete said: “Europe has once again shown its generosity, despite tight budgetary constraints. In 2015, the EU increased its climate finance contribution by more than 20%. With this increase, and through financial instruments like the European Fund for Sustainable Development that plans to spend 20% of its EUR44 billion on renewable energy and climate change projects, the EU is showing that it is serious about contributing its part towards achieving the USD100 billion goal in 2020.”
Commissioner for Economic and Monetary Affairs Pierre Moscovici said: “Europeans can be rightly proud of these figures, which confirm once again that the EU and its Member States lead the way in providing public climate finance for developing countries. This will continue to be the case even as we call for fair burden sharing among developed countries – and as we work to also mobilise more private climate finance to complement public efforts.”
The announcement comes ahead of the UN climate conference in Marrakech, Morocco, from 7-18 November, where ministers will focus on the implementation of the Paris Agreement on climate change, including action to accelerate access to finance for developing countries.Source: http://www.gcca.eu/news-and-events/gcca-stories?page=1%2C0