Poor Countries Need 100 Bln Euro for Climate Change

Stavros Dimas, EC member in charge of Environment held a press conference on Thursday to present a proposal on climate financing.

The European Commission pledges an annual contribution of 15 billion euros a year by 2020 to help developing countries fight climate change. By 2020, developing countries will need around 100 billion euros a year for climate change adaptation and mitigation measures. Up to half of the amount could be covered by public money. The rest should ideally come from the private sector through the carbon market, which could generate as much as 38 billion euros a year for developing countries by 2020.

The proposal forms part of the blocs negotiating position for international talks on a post-2012 climate deal, intended to be agreed in Copenhagen this December. Lack of progress on financial support for developing countries has so far stalled the talks.

Targets and actions to fight climate change are to stay below 2°C, global emissions need to peak before 2020 and then be cut to less than 50% of 1990 levels by 2050. This will require action by both developed and developing countries. Distributed by Tubemogul.