The European Union Council approved €23.04 billion in climate finance to developing countries ahead of COP27, which will take place from 6 to 18 November in Sharm-el-Sheikh, Egypt. The figure is based on the governance regulation’s detailed EU climate finance reporting rules.
The European Union and its 27 member states committed €23.04 billion in climate finance from public sources to support developing countries in lowering their greenhouse gas emissions and adapting to climate change’s impacts in 2021. Therefore this action is in line with this commitment.
According to the data gathered by the European Commission, in 2021, over 54% of the funding for developing countries was dedicated to either climate adaptation or climate change mitigation and adaptation initiatives. Around half of the total budget was committed in the form of grants.
In 2020, the EU and its member states committed €23.39 billion in climate finance to support developing countries in reducing their greenhouse gas emissions and adapting to climate change impacts. EU climate finance in 2021 exceeded €23 billion for the second time in a row, despite the fallout from the COVID-19 pandemic. Earlier this October 2022, the Council called on other donors to step up their efforts. It expects the collective $100 billion per year climate finance mobilisation goal to be met in 2023.