Climate aid target ‘will be met in 2023’, EU finance ministers say

(EurActiv, 6 Oct 2022) EU member states reiterated their commitment to the Paris Agreement ahead of the United Nations climate summit next month, saying they expect a 2009 pledge to provide $100 billion per year in financial assistance to developing nations “will be met in 2023”.

Economy ministers from the EU-27 met on Tuesday (4 October) and adopted conclusions reiterating their commitment to deliver on international climate finance. 

The statement emphasised the need to “raise ambition and accelerate action” in response to climate change by pushing governments to “provide appropriate incentives to attract public and private investments”. 

Ministers pledged to deliver on a 2009 commitment by rich nations to provide $100 billion per year in support of developing countries suffering the most from the consequences of climate change, a target which so far has never been met.

In their statement, the ministers said they expect “the goal will be met in 2023”.

No commitment on ‘Loss and damage’

A full paragraph is also dedicated to “the need to strengthen the action” on ‘loss and damage’ related to the negative impacts of climate change in the most vulnerable regions.

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EurActiv, 6 Oct 2022: Climate aid target ‘will be met in 2023’, EU finance ministers say