EU states to give half a TRILLION euro in climate finance to developing countries by 2025 

The EU Economic Policy Committee has confirmed  that the climate finance support provided by the EU and its member states (the UK included) amounted to €23.2 billion in 2019, a 6.9% increase compared to 2018.  

The total without the UK stood at €21.9 billion, a 7.4% increase compared to the total for the EU 27 in 2018.

The Economic and Policy Committee also confirmed the “EU’s determination to continue scaling up its international climate finance contribution towards the goal of $100 billion per year set for developed countries, to be reached by 2020 and continued through until 2025.

The information was released in a statement by the European Council this afternoon.

The statement went on to say that the EU and its member states are the largest provider of public climate finance in the world:

“According to the data compiled by the European Commission, close to half of the funding is dedicated to climate change mitigation actions and around 20% to climate change adaptation initiatives in developing countries. The rest of the contribution benefits cross-cutting projects involving both climate change mitigation and adaptation.”

Since 2013, Europe has more than doubled the funds raised to help developing countries mitigate and adapt to the impact of climate change.

The EU and its member states raised:

  • EUR 9.6 billion in 2013
  • EUR 14.5 billion in 2014
  • EUR 17.6 billion in 2015
  • EUR 20.2 billion in 2016
  • EUR 20.4 billion in 2017
  • EUR 21.7 billion in 2018
  • EUR 23.2 billion in 2019

Irelands climate agenda is contained within Project Ireland 2040 which sets out the Government’s commitment to create the Climate Action Fund. This fund has an allocation of half a billion euro for the period 2018 to 2027.

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