5 November: Statement by Connie Hedegaard, European Commissioner for Climate Action, on the report by the High-Level Advisory Group on Climate Change Finance
"I welcome the high-level advisory group's report which provides a good overview of the potential sources of revenues for financing climate action in developing countries. The report confirms that combining public and private funds is key to reaching the Copenhagen Accord's goal of providing developing countries with $100 bn worth of climate financing annually by 2020. As the report points out, the potential for new and innovative sources of revenue crucially depends on the future carbon price and the proportion of emission allowances that is auctioned. In this context, the Commission reiterates that at least half of the revenues from the auctioning of EU emission allowances should be used to finance climate action, including in developing countries. Nobody should believe that it is easy to mobilise $100 bn/year from 2020; but the report shows that it is doable - even more so as the reality is that NOT investing this money will turn out to be more expensive. EU will constructively engage in finding models that can secure that the world delivers, as we are already delivering on our fast start commitments for 2010-2012".
Maria KOKKONEN - Tel. +32-2-2954203 - firstname.lastname@example.org
Lena DE VISSCHER - Tel. +32-2-2963694 - Lena.Devisscher@ec.europa.eu