Oxfam reaction to EU Court of Auditors report on EU climate finance

Oxfam reaction to EU Court of Auditors report on EU climate finance 

Today the European Court of Auditors released its findings of an audit of European financial support to help developing countries cope with climate impacts. 

Whilst the European Commission performed well in the management it’s own climate-related support within the 2007-2013 EU budget and the European Development Fund (EDF), the report reveals the overall EU coordination with member states, who provide the large majority of European climate finance, is inadequate. 

EU auditors highlight how the lack of a robust monitoring, reporting and verification system makes climate finance reporting by the EU as a bloc meaningless. EU governments use different accounting methodologies, and no agreement has yet been made to scale up climate finance by 2020. Auditors urge the Commission to step up leadership, such as agreeing common reporting standards and proposing a roadmap to increase climate finance to European Governments (see full set of recommendation). 

In reaction to today’s report, Lies Craeynest, Oxfam’s EU climate expert, said: 

“Clever accounting that doesn’t deliver extra money won’t help the people who are at the frontline of climate change impacts. The EU needs to stop the smoke and mirrors and agree EU-wide standards for climate finance reporting.  As the auditors recommend, Europe must also come up with a clear pathway to start scaling up the money promised to help poor countries deal with climate change. “