By Faridat Salifu
Amid the ongoing global effort to combat climate change, the European Union and its 27 member states made substantial strides in international climate finance.
Reports say in 2022, a record EUR28.5 billion from public sources was dedicated to supporting developing countries in reducing their greenhouse gas emissions and adapting to the impacts of climate change, with an additional EUR 11.9 billion of private finance mobilized for this cause.
According to reports, over 54% of the public funding for developing countries was directed towards climate adaptation or cross-cutting actions involving both mitigation and adaptation initiatives, underscoring the commitment to addressing the multi-faceted challenges of climate change.
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We gathered that the European Union and its member states remain resolute in their determination to fulfill international climate finance commitments, including the collective goal of mobilizing USD 100 billion per year through to 2025.
This dedication is exemplified by the substantial increase in EU climate finance in 2022, signifying a significant progression compared to previous years.
Crucially, this international public climate finance not only bolsters the implementation of the 2015 Paris climate change agreement but also complements climate finance from private sources, collectively contributing to the sustained efforts to mitigate and adapt to climate change globally.
These figures, approved by the Council in preparation for the upcoming United Nations Climate Change Conference of the Parties (COP28), serve as a testament to the European Union’s unwavering commitment to advancing global climate action and fostering sustainable development for all.
This collaborative effort and financial dedication emphasize the EU’s pivotal role in driving positive change on the international stage, significantly contributing to the ongoing fight against climate change.
