Progress made but where’s the climate bail out?
(Brussels): European leaders have today taken measured steps towards a financial agreement to tackle climate change, but this is not enough
For immediate release: 30th October 2009
ActionAid estimates that €132 billion per year of international public finance is needed by 2020. The EU’s suggestion of €22-50 billion falls well short of this figure. If a fair deal is to be reached in Copenhagen, the EU must be ready to meet its responsibility for emissions and pay its fair share, which amounts to €42 billion.
New and additional money must be made available to developing countries for adaptation and mitigation. Redirecting money from already reduced aid budgets is not an option.
Tom Sharman, ActionAid’s Climate Justice Co-ordinator: “Developing countries are reeling from the effects of a climate crisis that they did not cause. If the EU is to be a true climate champion, it will have to go much further to enable a just outcome in Copenhagen".
ENDS
Rich countries’ ‘climate debt’ and how they can repay it: An ActionAid rough guide