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Argus Media Limited

09/15/2021 | News release | Distributed by Public on 09/15/2021 09:14

EU mulls extra €4bn international climate finance

The EU should commit an additional €4bn ($4.7bn) in climate finance up until 2027, European Commission president Ursula von der Leyen said today.

Von der Leyen said the EU is delivering on its commitment to international climate finance with 'team Europe' contributing $25bn/yr.

'But others still leave a gaping hole towards reaching the global target,' she told the European Parliament.

'Europe is ready to do more. We will now propose an additional €4bn for climate finance until 2027. But we expect the US and our partners to step up too,' she said. An official confirmed that the extra €4bn is not an annual sum but a total additional amount to be mobilised from the EU budget through to 2027.

Von der Leyen added that closing the gap in climate finance will increase the chance of success at November's UN Cop 26 climate conference in Glasgow.

While major economies, such as the US and Japan, have set ambitions for climate neutrality in 2050 or shortly after, this needs to be backed up by concrete plans before Glasgow.

'Current commitments for 2030 will not keep global warming to 1.5°C within reach,' she said, referring to the Paris climate agreement's aim to limit global warming to 1.5°C above pre-industrial levels. She also called on China to set out how the country will reach climate neutrality. 'The world would be relieved if they showed they could peak emissions by mid-decade - and move away from coal at home and abroad,' she said.

New analysis today indicated that Cop 26 host the UK was the only developed country, albeit solely for domestic action, whose climate action is compatible with the 1.5°C goal. When international climate finance is taken into account, the UK's effort is only 'almost sufficient'. The US, alongside the EU, Japan and Germany, are 'insufficient'.

By Dafydd ab Iago