EU pledges 4 billion euros more in climate funds for poorer countries

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STRASBOURG — The European Union on Wednesday pledged to extend monetary help to assist poorer international locations struggle local weather change and adapt to its impacts, and known as on the USA additionally to step up.

“We’ll now suggest a further 4 billion euros for local weather finance till 2027,” European Fee President Ursula von der Leyen stated in a coverage speech on the European Parliament in Strasbourg.

“However we count on the USA and our companions to step up too. That is very important, as a result of closing the local weather finance hole collectively, the U.S. and the European Union, could be such a robust sign for international local weather management.”

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The extra 4 billion euros is a complete quantity for the interval 2021-2027. It’s going to come from the EU price range, a Fee spokesperson stated.

The EU already contributes an annual $25 billion in local weather funding, von der Leyen stated.

Local weather finance is predicted to be a decisive subject on the United Nations’ COP26 summit in November, the place world leaders will try and agree commitments to chop emissions sooner to attempt to stave off catastrophic local weather change.

With seven weeks to go till COP26, cash stays a sore level.

Wealthy international locations have thus far did not ship their 2009 pledge to offer $100 billion per yr in local weather finance to poorer international locations by 2020.

With out help from rich nations, creating international locations say they can not make the large investments required to wean their economies off fossil fuels and onto clear vitality, or bolster their infrastructure to deal with local weather impacts.

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Authorities officers in India – the world’s fourth-biggest emitter of the greenhouse gases that heat the planet after China, the USA and the EU – have stated any additional dedication to scale back their nation’s carbon footprint will rely on funding from wealthy international locations.

The USA pledged in April to double its public local weather finance for creating international locations by 2024 in comparison with common ranges throughout the Obama administration, although consultants and campaigners are urging the world’s greatest financial system to do extra.

Rich international locations collectively contributed almost $80 billion in 2018. The European Union and its member international locations are, taken collectively, the most important suppliers of such funding, in keeping with the OECD.

Von der Leyen stated the EU would additionally double its worldwide funding to guard biodiversity, with out specifying an quantity. (Reporting by Kate Abnett; Enhancing by Kevin Liffey and Bernadette Baum)