Black Friday Sale! Save huge on InvestingProGet up to 60% off

EU finance ministers set for vague climate promises

Published 05/11/2015, 17:25
EU finance ministers set for vague climate promises

By Barbara Lewis

BRUSSELS (Reuters) - European finance ministers are likely to agree on Tuesday to provide more cash to help the world adapt to global warming, which campaigners say will be too weak for a successful outcome to the Paris talks on a new climate deal.

Poor nations have said climate finance will be the biggest issue for the Paris negotiations that begin on Nov. 30.

A draft document prepared for next Tuesday's meeting of EU finance ministers says the European Union's climate finance contribution for 2014 was 14.5 billion euros (10.37 billion pound), which compares to 9.5 billion euros in 2013 and an estimated 13.6 billion so far this year.

The 28 member states, it says, are committed to "scaling up the mobilisation of climate finance" to contribute their share of the rich world's goal collectively to provide $100 billion per year from 2020.

Environment campaigners say such language is not enough and that the European Union has yet to provide sufficient transparency to prove the funding is new cash, rather than aid money that has been already handed out and relabelled as climate funding.

Their hope is the European Union's negotiators will have a plan B to ensure climate finance does not become a deal-breaker in Paris.

"They will not be showing their full hand ahead of the final negotiations, so one would hope that they are developing back-up plans," Lies Craeynest, a policy adviser at Oxfam, said.

Although the fund of $100 billion per year is to be provided exclusively by the developed world, Oxfam says developing countries are already forced to pour resources into adapting to more extreme weather linked to global warming.

The campaign group has estimated African nations pay $5 billion each year to adapt.

Beyond the traditional rich nations, meanwhile, China has offered the biggest single funding pledge, announcing in September it would provide $3 billion, which Oxfam said was a significant signal, although it was seeking more detail.

Diplomats, speaking on condition of anonymity, said they expected the document on climate finance to be adopted without major changes on Tuesday.

(This refiled version of the story removes typo in para one)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.