Europe to Recommend €50 Billion in Annual Aid for Climate Change Adaptation in Poor Countries

500 euro note photo

photo: Matthias Ott via flickr.

The amount of aid that developing nations are to receive to help with adapting to climate change has been a long-running point of contention between poor nations (who say they deserve more) and the rich (who haven't presented it). Well, The Guardian reports that later this week European heads of state are to recommend €50 billion ($74 billion) in assistance:This figure represents an amount to be given annually by 2020 by the rich nations of the world.

$148 Billion Needed in Total...
In total however, the document seen by The Guardian says the "total net incremental costs of mitigation and adaptation in developing countries could amount to €100 billion annually by 2020." That total would be met though a combination of domestic funding in developing nations, the aforementioned international assistance, and through the international carbon market.

Everyone Should Pony Up
The draft document also states,

All countries, except the least developed, should contribute to international public financing...based on emissions levels and on GDP to reflect both responsibility for global emissions and ability to pay.

In terms of what individual nations might have to pony up under such a scheme, Europe is likely to contribute €10-15 billion per year, while the US contribution would be "tens of billions a year" -- according to Guardian estimates.

via: The Guardian
Climate Change Mitigation
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