17 November 2010

EU claims to have honoured climate funding pledge

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Draft document seen by Reuters suggests EU has delivered $3bn of fast-start climate financing this year

The EU will attend the UN's upcoming climate summit in Cancun backed by evidence that it has made good on its pledge to deliver €2.2bn ($3bn) of "fast-start" climate financing for developing countries this year.

As part of last year's Copenhagen Accord, industrialised countries agreed to provide $30bn of aid for investment in climate mitigation and adaptation measures in poorer countries between 2010 and 2012.

The commitment was seen as a critical component of the deal, and served as a means of reassuring developing countries that richer nations were willing to back up rhetoric on the need to fight climate change with actual investment.

The EU is now preparing to confirm that it has made good on the first part of its funding pledge, with a draft report obtained by Reuters stating that "the EU member states and the European Commission have confirmed €2.2bn of fast-start finance in 2010, thereby remaining on track to meet its overall commitment of €7.2bn across the 2010-12 fast-start period".

According to Reuters, the report provides details on the wide variety of projects that have received funding from EU states, including a €300,000 German grant to help Mozambique build a flood warning system, a €400,000 payment from the Czech Republic to Ethiopia to improve water supplies and tackle erosion, and a €900,000 grant, again from Germany, to help tackle greenhouse gas emissions from old refrigerators in Brazil.

The report also reveals that despite being on track to deliver on its commitment, four of the EU's 27 member countries have not delivered on their funding promises.

(BusinessGreen)

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