Climate Action

Report shows EU on track to deliver on fast start finance pledge

Coins and green plant isolated on white © iStockphoto

The European Union is on track to deliver €7.2 billion in fast start funding to developing countries to strengthen their resilience to climate change. The Union has presented a report on its progress at a side event at the Doha climate change conference.

At the Copenhagen conference in 2009, the EU and other developed countries pledged to provide a total of nearly $30 billion in fast start funding over the three years 2010 to 2012 to support immediate action on the ground. The EU and its Member States committed to provide almost one third of the global amount - €7.2 billion.

To date the EU and its Member States have mobilised a total of €7.14 billion and it is expected that the full €7.2 billion pledge will be reached when Member State reports are finalised next year. The European Commission pledged €150 million over the three years as its contribution, and has in fact provided €155 million.

The EU will continue to provide climate finance to developing countries in 2013 and remains fully committed to the goal of mobilising $100 billion a year from developed countries by 2020 from public, private and innovative sources, in the context of meaningful mitigation action and transparency on implementation by developing countries.

The Doha conference runs until 7 December.