Posted by Icenian 02 November 09
The European Council needs to agree a finance package to meet developing countries climate change needs, and to do so before COP15 in Copenhagen.
How the costs of the package will be divided between European nations is a contentious issue. Solidarity is a European tradition, and in the face of the urgent need to act to mitigate climate change, newer EU Member States should reflect on this. Within the EU equity can be served by each country contributing to the finance package for developing nations according to their means.
The issue of a climate change finance package for developing countries was deferred from the previous European Council meeting and has remained unresolved at the recent meeting of the European Finance ministers (ECOFIN).
If European nations cannot agree amongst themselves the chances of a global climate change agreement post-2012 look poor.
Finance for developing nations is a key issue which will bear heavily on the success or failure in the COP15 negotiations in Copenhagen.
EU claims to world leader status in combating climate change cannot rest solely on assertions of targets for EU emissions reductions.
Agreement on an EU finance package to help developing countries would seem to be a prerequisite for EU credibility in Copenhagen.
The text of 29-30 October European Council agenda item on climate change reads as follows
II. Climate change
The European Council will take stock of preparations for the Copenhagen conference on climate
change, in particular on the basis of the preparatory work conducted by the ECOFIN and the
Environment Councils of 20 and 21 October. It will take the appropriate decisions, including on all
aspects of financing, required to ensure a successful outcome in Copenhagen.
A bold decision by EU leaders – agreement on a finance package for developing nations’ climate change needs at this European Council meeting, is vital.
It will have a major influence on the outcomes in Copenhagen, and the reputation of the EU.