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EU Ministers: The financial objective to curb climate change will be reached in 2023

Politiko 2022-10-06 09:41:29

EU Ministers: The financial objective to curb climate change will be reached in

EU member states reiterated their commitment to the Paris Agreement ahead of a United Nations climate summit next month, saying they expect a 2009 pledge to provide $100 billion a year in financial aid to countries in development "will be fulfilled in 2023".

Economy ministers from the EU adopted conclusions reiterating their commitment to provide international climate finance.

The statement stressed the need to "increase ambition and accelerate action" in response to climate change by pushing governments to "provide appropriate incentives to attract public and private investment".

No liability for "loss and damage"

A full paragraph is also devoted to the "need to strengthen action" on "losses and damages" related to the negative impacts of climate change in the most vulnerable regions.

However, the statement avoided making concrete financial commitments, instead pledging support for continuing a dialogue set up at COP26 last year in Glasgow to address the topic.

"Loss and damage remains a highly contentious issue, with little concrete progress seen to date," said Kate Levick, director of sustainable finance at the E3G expert group, speaking ahead of the upcoming COP27 meeting.

And while there is much talk of 'loss and damage', in reality, no agreement can be found on what form such a mechanism might take.

Last year, at the COP26 climate conference, the G77 bloc of developing countries proposed the creation of a loss and damage facility, a fund that major emitters would have to pay to help vulnerable regions hit by natural disasters. climate related.

Source: Euroactiv

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