At least 20% of the entire European Union budget for 2014-2020 will be spent on climate-related projects and policies, following the European Parliament's approval today of the 2014-2020 EU budget. The 20% commitment triples the current share and could yield as much as €180 billion in climate spending in all major EU policy areas over the seven-year period.
The EU’s development policy will contribute to achieving the 20% overall commitment, with an estimated €1.7bn for climate spending in developing countries in 2014-2015 alone. This is on top of climate finance from individual EU Member States. This budget marks a major step forward in transforming Europe into a clean and competitive low-carbon economy and helping developing countries adapt to the impacts of climate change.
Connie Hedegaard, EU Commissioner for Climate Action, said: " Today is an incredibly important day for Europe and for the fight against climate change. At least 20% of the entire EU budget for 2014-2020 will be climate-related spending.This is a major step forward for our efforts to handle the climate crisis. Rather than being parked in a corner of the EU budget, climate action will now be integrated into all the main spending areas. This underscores yet again Europe's leadership in the fight against this crucial challenge. I believe the EU is the first region in the world to mainstream climate action into its whole budget."