Monday, September 14, 2009

EU May Give Up To EUR15B For Climate Change Fight

BRUSSELS, SEPTEMBER 10, 2009, (Dow Jones) --The European Commission said Thursday that the European Union may give up to EUR15 billion a year by 2020 to finance the fight to climate change in developing countries, setting out a blueprint for negotiations on a global deal to fight climate change later this year.

"This initiative aims to maximize the chances of concluding an ambitious global climate change agreement" at a Copenhagen global meeting in December, the commission said in a statement.
Developing countries are likely to need EUR100 billion a year by 2020 to limit their greenhouse gas emissions and adapt to the effects of climate change, the commission said. If an ambitious agreement is reached in December, the E.U. could contribute between EUR2 billion and EUR15 billion a year by 2020, it added.
The E.U. wants to lead negotiations at the Copenhagen summit to reach an international agreement to fight climate change and keep global warming under two degrees Celsius. The deal would be the successor of the Kyoto protocol, negotiated more than a decade ago.
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