Climate, in 2023 28.6 billion EU public funding

Brussels – The European Union’s contributions to climate finance are increasing. In 2023, the Twenty-seven have put €28.6 billion from public sources on the plate. It is a contribution in line with the previous year’s efforts (28.5 billion) and represents a commitment of more than 5.5 billion more than in 2021. These are the numbers in the climate finance report approved by EU economy and finance ministers at the Ecofin Council meeting.

Of the total €28.6 billion committed at the end of last year, €3.2 billion came from the EU budget (MFF 2021-2027), and €2.6 billion was mobilised through the European Investment Bank (EIB), in line with the institute’s aspiration to become Europe’s climate bank. The rest came from national contributions from individual member states.

Approximately half of the public climate funding for developing countries, the European Commission notes, has been directed to climate adaptation or cross action, i.e., funding for climate change mitigation initiatives and adaptation measures.

The private support also complements the public one. In 2023, the EU was able to mobilize €7.2 billion of additional private funding to support developing countries in their efforts to reduce their greenhouse gas emissions and adapt to climate change. This brings to a total of €35.8 billion in the climate resources the EU mobilises, thus preparing for the United Nations climate conference (COP29) scheduled for November 11-22 in Baku, Azerbaijan.

The approval of the report, with its figures, is intended to provide the world’s partners with tangible evidence of the EU’s commitments, not only financial but especially political, to the international sustainable agenda in meeting the Paris Agreement of 2015 and its goals.