PenInfo Desk: The European Union and its 27 member states contributed €28.6 billion in climate finance from public sources and mobilized an additional amount of €7.2 billion of private. EU finance to support developing countries to reduce their greenhouse gas emissions and adapt to the impacts of climate change.
The EU Council published the figures today (05 November 2024), in preparation for the United Nations Climate Change Conference of the Parties (COP29), which will take place from 11 to 22 November in Baku, Azerbaijan. The figures are based on the EU climate finance reporting rules laid down in the governance regulation.
According to EU council data compiled by the European Commission, approximately half of the public climate funding for developing countries has been directed to climate adaptation or to cross-cutting action (involving both climate change mitigation and adaptation initiatives). Grant based finance represents a significant share (almost 50%) in the EU and member states public contribution. At the same time, the EU actively seeks to extend the range and impact of sources and financial instruments and to mobilize more private finance, all being major tools to support international climate action. This way, the EU will continue to help developing countries to implement the 2015 Paris climate change agreement.
EU council report to claim that €28.6 billion in climate finance from public budgets includes €3.2 billion from the EU budget, including from the European Fund for Sustainable Development Plus, and €2.6 billion from the European Investment Bank. The overall public figure is calculated based on commitments for bilateral and disbursements of multilateral finance reported for calendar year 2023.
The €7.2 billion figure regards the private financial support mobilised through public interventions (e.g., guarantees, syndicated loans, direct investment in companies, credit lines, etc.). It does not include any amounts of the public finance utilised for the mobilisation of this private financial support.
The 2023 figures reconfirm the EU and its member states resolute efforts for delivering on their international climate finance commitments, particularly towards the developed countries’ collective goal of mobilizing $ 100 billion per year, which is applicable through to 2025.
Peninfo/desk/06.11.24/12.30am