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EU agrees climate finance

The EU has today (October 30) agreed a climate finance position ahead of Copenhagen.

Elements of the agreed position include:

  • The EU agreed climate change would need €100bn euros ($148bn; £90bn) as the total global figure required per year by 2020
  • It was noted that €22-50bn of the €100bn would come from global public finance
  • It was noted that €5-7bn per annum over three years 2010-2012 as the amount required for a ‘fast-track’ scheme every to reduce carbon emissions. This would come from all richer countries

The agreement of a climate finance position follows months of debate in the EU. Earlier this month, Finance Ministers failed to reach a decision on the level of finance required – which mounted the pressure for today’s EU Heads of State to agree a position.

Prime Minister Gordon Brown said the EU climate discussions had been a success. 'We were aware that if the European Union did not come together to solve some of the impasses, the possibility of a deal at the Copenhagen summit would be a lot less likely.' He said: 'The EU is leading the way with bold proposals - do not allow years to go by without action.'

The EU conclusions achieve the aims set out in the Prime Minister's climate finance initiative, announced in June this year, which called for the EU and other developed countries to make a concrete climate finance offer to unblock the Copenhagen negotiations.

European Commission President Jose Manuel Barroso said the agreement was 'an important breakthrough that brings new momentum', which signalled a 'negotiating mandate' for Copenhagen. 'Next week, we'll meet the US president and will say 'let's make Copenhagen a success',' Mr Barroso said.

The Council conclusions also reaffirmed the EU's conditional offer of moving from 20-30% emissions reductions (by 2020), should a sufficiently ambitious deal be reached. It also confirmed the EU's commitment to ensuring that global temperature increases do not exceed 2degrees C, reaffirming the commitment to the EU cutting emissions by 80-95% by 2050.

Related links

EU strikes climate funding deal, BBC News 30 October 2009

PM hails EU Council 'breakthrough' on climate change, Number 10 30 October 2009

EU agress €50bn figure for climate change fund, Guardian 30 October 2009

Council of European Union

EU strengthens its leadership on climate, Swedish Presidency of the European Union

Transcript of interview on climate change on BBC Radio 4 The World at One

Foreign Secretary David Miliband blogs on Climate Science and Climate Finance

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