BRUSSELS, (Reuters) – The European Union agreed the basis of its financial contribution to a global climate change deal on Thursday, but environmentalists said more was needed to ensure success at global talks in Copenhagen in December.
Funding to help developing nations cope with climate change is seen as the key to winning their support in fighting a problem which they say was caused by rich, industrialised states.
“The main principles of contribution should be the ability to pay and the responsibility for emissions,” said draft conclusions from the EU summit, which EU diplomats said had been approved without amendments. “All countries, except the least developed, should contribute to the financing of the fight against climate change in developing countries,” the draft added.
EU finance experts say poor countries will by 2020 need about 100 billion euros ($140 billion) each year to cut carbon dioxide emissions, and a further 20-50 billion euros to cope with the impact on the climate.