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The contribution is seen as an important step towards the implementation of the legally binding climate change agreement reached in Paris in December 2015.
The latest figure demonstrates the EU's determination to scale up its international climate finance contribution towards the $100 billion per year goal set for industrialised countries by 2020 and through until 2025. By 2025, the parties will set a new collective quantified goal. In this regard, the conclusions note the EU's commitment to engage in these discussions as of November 2020.
The conclusions also stress the importance of an urgent and ambitious implementation of the Paris Agreement. They call for swift and ambitious progress on making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development. In this regard, they highlight the recent progress achieved in legislative reforms at EU level on sustainable finance (taxonomy, benchmarks, disclosures).
Full press release on the European Council