Ahead of the ECOFIN Council on 14 May 2024, CAN Europe has written to Europe’s Economy and Finance ministers regarding international climate finance.
International climate finance is essential to strengthening climate security. Runaway climate change has been identified as an important factor threatening human security by the IPCC and by NATO as a ‘threat multiplier’ exacerbating conflict, fragility, and geopolitical competition. While there is no doubt that the EU needs to respond to the security threats following the Russian war on Ukraine, doing so at the expense of ramping up investments to implement the Paris agreement and into international dimensions of the European Green Deal would be extremely short sighted and violate European and international law.
We need a deep transformation of the current financial system: Marginal reforms and ad-hoc measures will be insufficient to raise and deliver the trillions urgently needed in the short timeframe humanity still has to avoid the worst impact scenarios.
