Oxfam reaction to EU Finance Ministers’ talks on climate finance for the world’s poor

At the start of the latest round of UN climate talks in Bonn, EU Finance Ministers today debated the state of play of Europe’s commitment to help fight climate change in developing countries.

Lies Craeynest, Oxfam’s EU climate change expert, said:

“Europe’s promise to help poor countries adapt to climate change and curb emissions when existing pledges run out this year appears to be on life support. It is unacceptable that Ministers only gave the faintest signal that developing countries will get any cash next year and beyond.

“On a positive note, EU Ministers re-committed to raising money for climate action in poor countries through auctions of aviation allowances under the EU Emissions Trading System (ETS). As part of global discussions on reducing emissions from shipping and aviation, the EU must now guarantee this money goes directly to the Green Climate Fund – so it’s not dependent on decisions made by national treasuries.”

EU Finance Ministers today confirmed that €4.59 billion was mobilized in 2010-2011 as part of the "fast-start finance" package agreed at the UN summit in Copenhagen in 2009. The total EU pledge for 2010-2012 was €7.2 billion.

Rich countries, including the EU, are expected to begin to ramp up contributions to meet the long-term target, also agreed at Copenhagen, of providing $100bn per year by 2020 – which should flow through the Green Climate Fund, launched last year in Durban.

Notes to Editors

Read conclusions adopted today by EU Finance Ministers: http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/130262.pdf