Increase in climate funding
9 November, 2017, 12:00 am
A CHANGE to the EU climate finance portfolio may see an increase in funding for climate action in the most vulnerable Pacific Island states.
The EU Climate Action director general Elina Bardram said the 28 member states were committed to contributing to a global effort to mobilise $100 billion for climate financing.
“In 2016 alone, the EU and its member’s states contributed a total of 20.2b Euros ($F48.3b) in climate finance. That’s an increase of more than 10 per cent from 2016,” she said.
“The EU remains also committed to the collective global effort of mobilising $100b a year by 2020 through 2025 and that should come from a variety of sources, private and public sources and we will continue to significantly increase different ways of mobilising for adaptation and mitigation aspects.”
Speaking after the opening of COP23 in Bonn, Germany, Ms Bardram said the EU already had a history of delivering solid results and they were committed to engaging with partners in the area of climate finance.
“We are keen to engage with other parties to exchange information and experiences on how policies and measures can be designed in a way that provides regulatory clarity to actors and business operators, investors because that collective effort is something that is required,” she said.
She said the increase in finance directed towards the Pacific would go towards its regional partners who were facing the most difficult impacts of climate change.
While she could not give the exact amount of how much Pacific island countries stand to gain, she confirmed the figure had increased and that the EU had re-geared its policies significantly towards the most vulnerable countries.
“I think that’s the global trendâ€¦, focused on least developed and most vulnerable is the only rational approach,” Ms Bardram said.
“It’s worthwhile to also appreciate that raising the headline number is not the only indication of ambition, delivering on what you promised is pretty important as well.”
She said the EU was moving on delivering its promises and added that ambition could also be expressed with the level of and who a party was engaging with.