BRUSSELS: In 2023, the European Union and its 27 member states made a significant contribution of £28.6 billion in climate finance sourced from public funds. Additionally, they successfully mobilised £7.2 billion of private finance aimed at aiding developing countries in reducing greenhouse gas emissions and adapting to climate change impacts.

According to Emirates News Agency, the Council announced these figures in anticipation of the upcoming United Nations Climate Change Conference of the Parties (COP29), scheduled from 11 to 22 November in Baku, Azerbaijan. The reported figures adhere to the EU climate finance reporting standards established in the governance regulation.

Data compiled by the European Commission indicates that approximately half of the public climate funding designated for developing countries targets climate adaptation or cross-cutting initiatives involving both climate change mitigation and adaptation. Notably, grant-based finance constitutes a significant portion, nearly 50%, of the E
U and member states’ public contributions. Additionally, the EU is actively working to expand the variety and impact of financial sources and instruments, with the goal of mobilising more private finance. These efforts are essential tools in supporting international climate action, enabling the EU to assist developing countries in implementing the 2015 Paris climate change agreement.

The 2023 figures reaffirm the EU and its member states’ steadfast commitment to fulfilling their international climate finance obligations. This includes contributing towards the developed countries’ collective goal of mobilising $100 billion annually, a target applicable through to 2025.