Oxfam reaction: EU Ministers fail to break deadlock on climate finance

Today European Finance Ministers agreed their common position for the United Nations COP 19 climate change talks next month in Warsaw, Poland.

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

“EU Finance Ministers don’t seem to grasp the urgency of the climate crisis despite alarm bells being rung by scientists, industry and institutions such as the OECD and the World Bank. Arriving at this year’s climate talks with little indication of how Europe will meet its promises to the most vulnerable countries is a breach of trust and will put the 2015 global climate deal at risk”.

“Only a handful of the 28 European governments have put concrete figures on the table. To start building the progressive coalitions needed to clinch a global climate deal in 2015, all EU countries should now come forward and say how much money they intend to stump up to help poor countries adapt to a changing climate and develop in a low carbon way in 2014 and 2015.  this should include initial pledges to the UN-backed Green Climate Fund.”

“On a positive note, Ministers recognized, for the very first time, that money from private sources must not be a substitute for public funds. This must now form the basis of an EU wide agreement that the needs of those struggling to adapt to a changing climate should be mostly covered with public money. Setting aside part of the revenues raised through the EU Emissions Trading System for the Green Climate Fund should be one way forward.”  

Notes to Editors

• Developed countries committed in Copenhagen in 2009 to mobilize $100 billion per year by 2020 to help poor countries adapt to climate change and develop in a low carbon way. The so called “Fast Start Finance” period finished in 2012, as part of which the EU committed €7.2 billion. Today Ministers did not provide clarity on what climate finance will be on the table at European level over 2014-2015.

• More NGO analysis on Europe’s climate finance promises up until now and policy recommendations moving forward (pdf).