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EU adopts position on climate finance ahead of COP23

11 October 2017, 14:30 CET
EU adopts position on climate finance ahead of COP23

Photo Liam Gumley, Space Science and Engineering Center, University of Wisconsin-Madison

(LUXEMBOURG) - EU finance ministers met in Luxembourg Tuesday to discuss and adopt the EU's position on climate finance, ahead of the next international climate summit COP23 in Bonn in November.

The conclusions will serve as a mandate for the EU's negotiators on the financing aspects of climate change. The Bonn conference is part of the follow-up to the global agreement reached in Paris in December 2015.

The EU and its member states have committed to increasing their public finance contributions over the next few years. The conclusions call for the participation of a broader range of contributors, urging other developed countries to meet their commitments and to mobilise private finance.

Environment organisation Climate Action Network (CAN) Europe welcomed "the commitment to align financial flows with climate-resilient development". However, it added that more effort is needed "to deliver sufficient and accountable support for international climate action. And it said the EU was falling "far too short in sufficiently supporting climate adaptation in developing countries. "

It said the EU needed to clarify "how it will deliver on its share of the US$100 billion climate finance per year by 2020."

Council conclusions on climate finance

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