The European Union on Wednesday pledged to extend monetary assist to assist poorer countries battle climate change and adapt to its impacts, and known as on the United States additionally to step up.
“We will now propose an additional 4 billion euros for climate finance until 2027,” European Commission President Ursula von der Leyen mentioned in a coverage speech on the European Parliament in (*4*).
“But we expect the United States and our partners to step up too. This is vital, because closing the climate finance gap together, the US and the European Union, would be such a strong signal for global climate leadership.”
The extra 4 billion euros is a complete quantity for the interval 2021-2027. It will come from the EU funds, a Commission spokesperson mentioned.
The EU already contributes an annual $25 billion in climate funding, von der Leyen mentioned.
Climate finance is predicted to be a decisive concern 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 climate change.
With seven weeks to go till COP26, cash stays a sore level.
Rich countries have to date didn’t ship their 2009 pledge to offer $100 billion per 12 months in climate finance to poorer countries by 2020.
Without assist from rich nations, creating countries say they can’t make the large investments required to wean their economies off fossil fuels and onto clear power, or bolster their infrastructure to deal with climate impacts.
Government officers in India – the world’s fourth-biggest emitter of the greenhouse gases that heat the planet after China, the United States and the EU – have mentioned any additional dedication to cut back their nation’s carbon footprint will depend upon funding from wealthy countries. learn more
The United States pledged in April to double its public climate finance for creating countries by 2024 in comparison with common ranges throughout the Obama administration, although consultants and campaigners are urging the world’s largest financial system to do more. learn more
Wealthy countries collectively contributed almost $80 billion in 2018. The European Union and its member countries are, taken collectively, the largest suppliers of such funding, in accordance with the OECD.
Von der Leyen mentioned the EU would additionally double its worldwide funding to guard biodiversity, with out specifying an quantity.
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