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EU to earmark at least 20% of external finance package for climate action

At least 20% of the EU external finance package for 2014-2020 will go to climate action in developing countries, said the European Commission on Wednesday.

"Today the European Commission proposed a 70 billion euro external finance package for the period 2014-2020. This is 20% more than the previous package", said Connie Hedegaard, EU Commissioner for Climate Action.

"The good news for the climate is that at least 20% of the entire package will go to climate-related finance. This is more than 14 billion euro for climate mitigation and adaptation actions in the most vulnerable countries to climate change", she said.

"With this proposal, the EU shows its clear commitment to contribute its fair share to long-term climate finance. But the EU and other advanced economies will face serious fiscal constraints in the years to come. Therefore climate finance cannot only be public money alone. We need innovative sources of financing, in particular, in the private sector and carbon markets", she added.

Source: European Commission