The commitment to provide new finance in support of climate change actions in developing countries was one of the few areas where tangible progress was made at the Copenhagen COP meeting. In light of this, securing a system that supports such flows is an immediate challenge for the international community. What should Europe’s approach be to the provision of such finance?
This policy brief examines several European initiatives against a number of principles set within the UNFCCC negotiations that are meant to guide the governance of climate finance. These initiatives display considerable diversity in approach and varying degrees of compliance with the proposed principles, limiting the overall coherence of the European response.
The European Union places considerable emphasis on tackling climate change, both within Europe and internationally. Recognising that climate change is a global concern, much attention is focused on supporting developing countries. Europe has a long-standing relationship with developing countries through its programme of development cooperation and so is well placed to understand some of the challenges these countries face regarding the impacts of climate change.
As the largest contributor of official development assistance, Europe has considerable experience in delivering substantial international public finance at scale and has sought, through the Paris Declaration on Aid Effectiveness and the Accra Agenda for Action, to improve the effectiveness of aid delivery. In a similar way, the EU needs to have a credible strategy for assisting developing countries cope with climate change. Read the full publication
