European Union Proposes €15 Billion per Year to Help Poor Nations Combat Climate Change

500 euro note photo

photo: Matthias Ott via flickr

One persistent gripe coming from developing nations is that while they have had little or nothing to do with creating the conditions for climate change, they are going to bear the brunt of the effects, have less capacity to deal with it than wealthy nations. Well, the European Union appears to have heard those calls -- AFP reports that the EU will propose €15 billion per year in aid as a starting point for December's climate negotiations:Now that €15 billion figure would be reached by 2020, not initially. As for how it would be paid by EU member states, the total would divvied up based on nations' GDP and other factors, such as emission levels.

Private Sector Expected to Match Government Funds
What's more, that proposed figure from EU nations themselves would represent half of a total commitment of €30 billion per year in climate change mitigation and adaptation aid, with the second half coming from the private sector, taken from proceeds from cap-and-trade.

US Should Contribute $17.5 Billion Per Year
So how does the EU want the United States to contribute to wealthy nations owning up to their historical responsibility? AFP has an unnamed diplomatic source saying the US should contribute and additional €12 billion per year ($17.5 billion).

All a Good Step in the Right Direction
To put this in some perspective, early in the summer the UN's top climate official Yvo De Boer called €7 billion per year a good starting place for negotiations (in total, not just from EU nations) -- so this EU move is definitely a step in the right direction.

More: AFP
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