Climate Change

A global problem requiring a global solution

Financing

The issues of financing will be crucial in forging a global response and in building consensus between parties in Copenhagen. In September 2009, the European Commission put forward a blueprint for scaling up international finance to help developing countries combat climate change. By 2020 developing countries are likely to face annual costs of around €100 billion to mitigate their greenhouse gas emissions and adapt to the impacts of climate change. Much of the finance needed will have to come from domestic sources and an expanded international carbon market, but international public financing of some €22-50 billion a year is also likely to be necessary. The Commission proposes that industrialised nations and economically more advanced developing countries should provide this public financing in line with their responsibility for emissions and ability to pay. This could mean an EU contribution of some €2-15 billion a year by 2020, assuming an ambitious agreement is reached in Copenhagen. As a next step, the European Parliament and Council will consider the Communication.

Latest Publication

Press release: Joint Pacific-EU Initiative on Climate Change (15 December 2010)

Q&A: Pacific-EU actions on Climate Change (15 December 2010)

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