Brussels, 9 October 2026 – EU finance ministers today set out Europe’s international climate finance priorities for COP31, but yet again failed to show how the EU will deliver the public finance needed by developing countries. The EU’s calls for stronger global action must be matched by concrete finance commitments and a faster shift away from fossil fuels.
Rachel Simon, International Finance and Development Policy Coordinator at CAN Europe, said:
“The EU needs to connect the dots between its mitigation agenda and international climate finance. Finance ministers acknowledge that fossil fuel finance is holding back progress and recognise the need to phase out fossil fuel support. But today’s Conclusions have a glaring hole on how to do that and support communities in the Global South facing severe energy-price pressures. They need a credible plan to shift finance from fossil fuels into a renewable and just energy transition. The EU has to move faster on fossil fuel subsidy phase-out, starting with a fossil-free Global Europe instrument, and advance fossil fuel profit taxation at the EU and international level to raise much-needed finance.“
“If COP31 is about implementation, the EU must show how it will deliver its own climate finance commitments. Instead, the EU seems to lean on other contributors and private finance. While the energy price crisis bites in Europe, and even more deeply in the Global South, European governments are pouring money into data centres, and colossal fossil fuel profits and extreme wealth are going largely untaxed. The EU needs to recognise that public money to support the transition in Europe and for communities around the world is there for the taking.”
For more information and media requests:
- Jani Savolainen, jani.savolainen@caneurope.org, +358 504667831
Notes for editors:
- The Economic and Financial Affairs Council (ECOFIN) Climate Finance Conclusions will be referenced in the EU’s Environment Council COP31 Conclusions, which represent the EU’s overall COP position, scheduled to be adopted by Ministers at Monday’s Council meeting (12 October).
- CAN Europe letter to the Environmental Ministers meeting on 12 October on COP31
- CAN Europe demands for COP31
- Joint letter by ~150 organisations for ambitious climate finance commitments by developed countries at COP31
- You can join CAN Europe COP31 media list and media WhatsApp channel here