Climate Action

EU exceeds its fast start finance pledge to developing countries

Coins and green plant isolated on white © iStockphoto

The European Union provided €7.34 billion in 'fast start' climate finance to developing countries in 2010-2012, slightly more than the €7.2 billion it had pledged. The final figure is given in a report adopted by the Economic and Financial Affairs (Ecofin) Council today.

"Despite difficult economic circumstances, the European Union has met and even surpassed its fast start finance pledge to developing countries by providing more than €7.3bn of climate finance. This is a very clear demonstration of the EU's commitment to finding a global solution to the benefit of all to the impacts of climate change," said Connie Hedegaard, Commissioner for Climate Action.

At the Copenhagen climate change conference in 2009, developed countries committed to provide nearly $30 billion for 2010–2012 to enable and support climate-related action in developing countries. The EU pledged to provide €7.2 billion as its share of the total. The €7.34 billion actually delivered represents around one-third of the global total provided.

The European Union is the largest contributor of climate finance to developing countries. It will continue to provide climate finance and in particular to support the most vulnerable developing countries, including small island developing states, least developed countries and Africa, in adapting to the consequences of climate change.