EU finance ministers met in Luxembourg today to discuss and adopt the EU’s position on climate finance, ahead of the next international climate summit COP23 in Bonn. Climate Action Network (CAN) Europe welcomes the commitment to align financial flows with climate-resilient development, though much more efforts are needed to deliver sufficient and accountable support for international climate action.
In reaction to today’s Economic and Financial Affairs Council, Maeve McLynn, finance and subsidies policy coordinator at CAN Europe said: “It is good to see that efforts are being made to better mainstream climate action across public spending and to shift financial flows away from fossil fuels and towards low-carbon and climate-resilient development. But despite the rhetoric a great deal of work still needs to be done, and we expect much more progress by the EU to achieve this commitment.”
“While finance ministers re-iterated their commitment to deliver on their climate finance promises, the EU is still falling far too short in sufficiently supporting climate adaptation in developing countries. After a year of catastrophic weather-related events, support for adaptation and resilience is becoming more and more urgent.”
“Ahead of the COP23 in Bonn, the EU can set the bar higher through committing to provide at least half of all public support to adaptation efforts, increasing the transparency and accountability of finance, and clarifying how it will deliver on its share of the US$100 billion climate finance per year by 2020.”
Nicolas Derobert, CAN Europe Communications Coordinator, email@example.com, +32 483 621 888
Note to editors:
The council conclusions are available online here.
Climate Action Network (CAN) Europe is Europe’s largest coalition working on climate and energy issues. With over 130 member organisations in more than 30 European countries – representing over 44 million citizens – CAN Europe works to prevent dangerous climate change and promote sustainable climate and energy policy in Europe.