The European Council announced today, Friday, that the European Union and its twenty -seven -member members have committed to providing climate -related financing worth 23. 4 billion euros (22. 94 billion dollars) to the countries of the southern part of the world.
According to a news release, the funding from public sources was aimed at “helping the poor countries reduce their greenhouse gas emissions and prepare for the implications of climate change.
” The announcement comes before the United Nations Conference to Combat Climate Change “COP 27”, which will be held in Sharm El Sheikh in Egypt, as of November 6.
Along with 2.56 billion euros from the European Investment Bank, financing comprised 2.50 billion euros from the budget of the European Union and the European Development Fund.
According to the declaration, which was confirmed by the statistics of the European Commission, 54% of the funding was either earmarked for climate adaptation or for dealing with processes for both adaptation and mitigation of climate change.
The amount was adhered to in grants, which accounted for around half of the total.
The press statement said that “the European Union and its member state are determined to continue to fulfill their pledges for international financing in relation to the climate, to achieve the collective goal of the developed countries by collecting 100 billion dollars annually. ”
International general financing for climate change aims to assist developing nations in 2015 as they implement the Paris Climate Agreement.
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More than 23 billion dollars from the European Union will be used to fight climate change in the world’s developing countries.
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