Friday 30th October 2009
EU failure of ambition on climate finance reveals a demoralising lack of leadership.
Tearfund has dismissed the latest EU leaders discussions on climate finance as demoralising for poor communities hit hardest by climate change
The EU's recognition of total global public financing of 22-50 billion euros per year for developing countries from 2020 falls short of the ambition needed for a strong and fair agreement in Copenhagen.
And after two days of talks, leaders of the European Union have failed to clearly outline the amount of public money that the EU will provide for climate adaptation and mitigation in developing countries. Tearfund believes that at least 110 billion euros of new and additional public finance will be needed each year. The EU's fair share of this is at least 35 billion euros.
Tearfund’s Head of Policy Laura Webster said: ‘This outcome is demoralising for developing countries, who shouldn't have to pick up the tab for a climate crisis that is not of their making. We are weeks away from Copenhagen and the current lack of political will and leadership being demonstrated is shocking.’
The Christian relief and development agency is calling for an EU commitment that ensures climate finance is new and additional to Official Development Assistance commitments of 0.7 per cent GNI, and to financial flows from carbon markets. This means endorsing new sources of finance such as levies on international aviation and shipping.
In addition to this, Europe needs to take tougher mid-term emissions cuts.
'The EU's target of 20 % cuts by 2020 based on 1990 levels, rising to 30%, if an ambitious deal is agreed, is well below what science tells us is needed. Tearfund welcomes the announcement that Europe will aim for 80-95% cuts on 1990 levels by 2050, but action in the next few years is crucial' Webster adds.
'They must commit to what the science requires – a target of at least 40 per cent cuts on 1990 levels by 2020. Today’s outcome just feeds the growing concern of whether we are likely to see justice for those hit hardest by climate change in Copenhagen,' Webster concludes.