Today members of the European Parliament’s Foreign Affairs and Development Committees brought the EU’s future external investments in closer alignment with Paris Agreement goals. They improved on the European Commission’s proposal by agreeing to increase the climate and environment spending target and to exclude fossil fuels from EU funding going to developing countries.
Today, the two committees on Foreign Affairs and Development voted on the Neighbourhood, Development and International Cooperation Instrument (NDICI), which sets out to promote the EU’s interests, objectives and values in neighbouring and partner countries through external investments under the post-2020 EU budget.
The agreed spending target of 45% going to climate objectives and environmental protection – of which 30% must go to climate action – is a clear improvement compared with the European Commission’s proposal of 25%. It will contribute to the Paris Agreement goal to mobilise USD100 billion per year for developing countries from 2020, and strengthen the EU’s climate diplomacy efforts.
None of the NDICI financing shall support fossil fuels or cause harm to the environment and climate, according to the text voted today.
MEPs also ensured that the increased spending target and fossil fuel exclusion criteria will apply to the European Fund for Sustainable Development Plus (EFSD+) which blends the EU funds with public funds from development banks aimed at leveraging private finance and which includes the European Investment Bank amongst beneficiaries.
Rachel Simon, Climate and Development Policy Coordinator at Climate Action Network (CAN) Europe said:
“Members of the European Parliament have shown they understand the urgent need to bring external spending more in line with the Paris Agreement, and to boost support to developing countries to deal with climate change. The agreed increase in climate and environment spending will support economic modernisation, job creation and bring multiple social and environmental benefits. And excluding fossil fuels from investments will support developing countries to leapfrog the dirtiest forms of energy infrastructure.”
“Members of the European Parliament must stand firm, both on the 45% climate and environment spending target and the exclusion of fossil fuels, in the upcoming plenary vote on this instrument later in March and in the subsequent negotiations with the Council and Commission. This will be a litmus test of the EU’s climate leadership on the international scene.”
Nicolas Derobert, CAN Europe Communications Coordinator, firstname.lastname@example.org, +32 483 62 18 88
Climate Action Network (CAN) Europe is Europe’s leading NGO coalition fighting dangerous climate change. With over 150 member organisations from 35 European countries, representing over 1.700 NGOs and more than 40 million citizens, CAN Europe promotes sustainable climate, energy and development policies throughout Europe.