Climate: EU provided €31.7 billion to developing countries in 2024

Brussels – The European Union is investing more and more in climate action, with growing contributions to developing countries. In 2024, the EU contribution amounted to EUR 31.7 billion, up by 3 billion from 2023 (28.6 billion). These are national contributions from the budgets of individual Member States, made on the basis of voluntary commitments, and European resources from the common budget and the European Investment Bank (EIB), as the EU Council specifies in the accompanying note to the climate finance figures published today (27 October). In addition to these 31.7 billion, there are another 11 billion in private resources, mobilised through banks, foundations, and donations.

 According to data collected by the European Commission, half of the public climate funding earmarked for developing countries—about 16 billion out of the total 31,7 billion in total by 2024—has been earmarked for climate adaptation or “cross-cutting” actions, i.e. those that involve both climate change mitigation initiatives and those of adaptation and response to weather phenomena resulting from global warming. In this contribution for the poorest countries, non-reimbursable funding represents a significant share, amounting to “almost 50 per cent” of the EU and Member States’ public contribution. 

The EU Council welcomes the twelve-star climate contribution with satisfaction. The 2024 figures are a strong confirmation of the EU and its Member States’ determination to meet their international financial climate commitments, in particular the collective target of developed countries to mobilise $100 billion per year, which remains valid until 2025. And it is with a view to the world climate conference at the end of the year (the UN COP30 scheduled to take place in Belém, Brazil, from 10 to 21 November) that the EU Council releases these figures.