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The European Commission published today a paper on how to raise the $100 billion per year pledged by rich countries at last year’s UN climate talks in Cancun to help poor countries protect

Responding to the latest finance text that came out today, international climate change policy adviser Tim Gore said:  

The European Union’s suggestion today of global public financing worth €22-€50 billion per year for developing countries to tackle climate change falls short of what is needed.

Oxfam has today warned that the $100billion a year pledged by rich nations to help fight climate change could fail the poorest people, if recent moves to deliver climate cash as loans continue.

Europe needs ambitious targets and concrete policies to cut emissions and tacke the climate crisis, said Oxfam at the occasion of EU heads of state and governments meeting for a European Union summit in Brussels today.

Norway's announcement of $230 million USD welcomed, but still a long way to go to reach the Fund's unofficial goal of $10 billion.

Governments must move quickly at this year’s first UN climate change meeting to plug the gaping deficit of funds to help developing countries adapt to climate change and lower their emissions.

Hundreds of European cities, regions, businesses, youth and faith groups and civil society organisations are urging European leaders to take decisive action to respond to the climate emergency by profoundly altering the way we run our societies and economies to limit temperature rise to 1.5°C.

As the second to last negotiations before Copenhagen draw to a close in Bangkok, three big sticking points remain. These issues show a lack of willingness of the EU and other industrialised countries to find common ground with developing countries.

This paper suggests a new approach that recognizes the failings of the current climate finance regime and is better informed by needs and opportunities at the national level.