05 November 2024

Council publishes 2023 international climate finance figures

The European Union and its 27 member states contributed €28.6 billion in climate finance from public sources and mobilised an additional amount of €7.2 billion of private finance to support developing countries to reduce their greenhouse gas emissions and adapt to the impacts of climate change.

In 2023, the European Union and its 27 member states contributed €28.6 billion in climate finance from public sources and mobilised an additional amount of €7.2 billion of private finance to support developing countries to reduce their greenhouse gas emissions and adapt to the impacts of climate change.

The Council published the figures today, in preparation for the United Nations Climate Change Conference of the Parties (COP29), which will take place from 11 to 22 November in Baku, Azerbaijan. The figures are based on the EU climate finance reporting rules laid down in the governance regulation.

According to data compiled by the European Commission, approximately half of the public climate funding for developing countries has been directed to climate adaptation or to cross-cutting action (involving both climate change mitigation and adaptation initiatives). Grant based finance represents a significant share (almost 50%) in the EU and member states public contribution. At the same time, the EU actively seeks to extend the range and impact of sources and financial instruments and to mobilise more private finance, all being major tools to support international climate action. This way, the EU will continue to help developing countries to implement the 2015 Paris climate change agreement.

The 2023 figures reconfirm the EU and its member states resolute efforts for delivering on their international climate finance commitments, particularly towards the developed countries' collective goal of mobilising $ 100 billion per year, which is applicable through to 2025.

Council

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