In 2024, the European Union provided “31.7 billion euros” in climate financing
Brussels, 27 October / WAM / The European Council said that during the year 2024, the European Union and its member states provided “31.7 billion euros” in the form of climate financing from public sources, in addition to mobilizing another 11 billion euros of private financing to support developing countries in their efforts to reduce greenhouse gas emissions and adapt to the effects of climate change.
The publication of these figures came within the framework of preparations for the United Nations Climate Change Conference (COP30 and CMA 7), scheduled to be held in the Brazilian city of Belem from 10 to 21 next November.
The statement explained that these data are based on the reporting rules for climate finance in the European Union stipulated in the Governance Regulations.
According to European Commission data, half of the public funding provided to developing countries has been directed towards climate adaptation projects or joint initiatives between mitigation and adaptation.
The statement also indicated that grant-based financing represents approximately 50% of the total public contributions of the Union and Member States, and the European Union continues to expand the scope of financing tools and private capital mobilization mechanisms as key tools to support international climate action and implement the decision related to the new quantitative collective target adopted by the parties to the Paris Agreement in 2024.
The Council stressed that these numbers represent strong evidence of the commitment of the Union and its member states to implement their pledges in the field of international climate financing, especially contributing to achieving the collective goal of developed countries of mobilizing $100 billion annually until 2025.
The statement explained that public financing of 31.7 billion euros includes 4.6 billion from the Union budget, including the European Development Fund, and 2.4 billion euros from the European Investment Bank, while the other 11 billion euros represent private financial support mobilized through public interventions such as guarantees, pooled loans, direct investments in companies, and credit lines.
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