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November 2018
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Wednesday, 07 November 2018 15:00

EU to scale up mobilization of climate finance

EU to scale up mobilization of climate finance

During the meeting held on 6 November 2018 in Brussels the Economic and Financial Affairs Council adopted conclusions on the financing aspects of climate change ahead of the COP24 conference on climate change which will be held in Katowice (Poland) from 3 to 14 December, Caspian Energy News (www.caspianenergy.net) reports with reference to the press statement of the European Commission.

The draft conclusions call for swift and ambitious progress in ensuring that finance flows reflect the objectives set by the Paris agreement. They underline the importance of carbon pricing in shifting financial flows towards green and sustainable investments.

EU and its Member States are committed to scale up the mobilization of international climate finance, as part of the collective developed countries' goal to jointly mobilize USD 100 billion per year by 2020 through to 2025 for mitigation and adaptation purposes, from a wide variety of sources, instruments and channels. The EU remains the largest provider of public climate finance, including to the multilateral climate funds, and have contributed EUR 20.4 billion in climate finance for 2017.

More details: https://www.consilium.europa.eu/en/meetings/ecofin/2018/11/06/

Person in charge of the newsline: Olga Nagiyeva 

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