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EU reaffirms commitments to scaling up mobilization of climate finance

Xinhua, September 18, 2015 Adjust font size:

The European Union (EU) environment ministers reaffirmed on Friday that the EU and its member states have and remain committed to scaling up the mobilization of climate finance in the context of meaningful mitigation actions and transparency of implementation, before December's United Nations climate conference in Paris.

The commitments were aimed to contribute their share of developed countries' goal to jointly mobilize 100 billion U.S. dollars per year by 2020 from a wide variety of sources public and private, bilateral and multilateral, including alternative sources of finance.

The EU reiterated its strong support for the Green Climate Fund, and looked forwarded to early allocation of initial funding.

It also underlined that the Paris Agreement's provisions on climate finance need to be dynamic, and able to adapt to changing realities and needs by reflecting all parties' evolving capabilities and responsibilities.

In fact, developed countries continued to fail to clarify how they would meet their promises made in 2009 to provide developing countries 100 billion dollars per year by 2020, one of the main challenges facing Paris climate talks.

French President Francois Hollande warned early September there were real risks of stakeholders not reaching a global and restrictive accord on climate change, stressing "there will be no agreement if there is no firm commitment on finance." Enditem