Supporting a climate for change the EU and developing countries working together
European Commission. Directorate-General EuropeAid Development and Co-operation
PublisherLuxembourg : Publications Office of the European Union
MetadataShow full item record
Combating climate change, one of the gravest challenges facing mankind, has formed an integral part of the EU development agenda for many years. Since as early as 2002, the EU and its Member States have taken decisive action to integrate climate change issues in development cooperation and stepped up their climate fi nance for developing countries. In Copenhagen, Parties to the UNFCCC have acknowledged the need for scaled-up, new and additional resources to support developing countries' capacity to deal with the negative effects of climate change as well as to prepare for the effective and effi cient implementation of a new climate regime. The EU, in line with developed countries' commitments in the Copenhagen Accord, has pledged to provide €7.2 billion in climate change fast start fi nance for the period 2010 – 2012. The EU and its Member States are committed to ensuring that fast start funding does not undermine the fi ght against poverty and complements continued progress towards the Millennium Development Goals (MDGs). In 2010, the EU and its Member States have mobilised more than € 2 billion of fast start fi nance as part of their overall commitment, while EU 'traditional' development assistance accounts for a 60% share of the world’s total Offi cial Development Assistance (ODA). The European Commission has pledged €150 million additional grant funding as its contribution to fast-start fi nance in the period 2010-2012. However, the climate change challenge cannot be tackled only through public support: the private sector is already playing a key role for important investments in climate resilient, low-carbon economies. For this reason, the EU recognises that using grants to leverage additional contributions from the private sector will be critical to fully meet the challenge. Innovative instruments that foster and strengthen Public Private Partnerships need to be scaled up to meet the long term objective of climate change fi nance. In this context, the Commission regards the establishment of specifi c "Climate Change Windows" in existing and new innovative financial instruments as a suitable mechanism to help achieve this objective.
Citation“2010. Supporting a climate for change the EU and developing countries working together. Luxembourg : Publications Office of the European Union.”
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