EU: climate funds should be 90% based on GDP

Industrialised nations' contributions to an international climate fund for developing countries should be 90% based on GDP per capita and 10% on greenhouse gas emissions, according to the European Commission.

This is one of several recommendations expected to be announced in Thursday's commission paper on climate financing. According to this formula, Europe would contribute up to 30% to the fund, or E15bn a year by 2020, an EU source told ENDS on Wednesday, confirming earlier media reports http://www.endseurope.com/22074?referrer=bulletin&DCMP=EMC-ENDS-EUROPE-DAILY.

The commission will say developing countries will need E100bn annually by 2020 to reduce their emissions and adapt to climate change, the source said. Half of this would come from the carbon market and half from the public sector. The UK, Germany, the Netherlands and France would pay for the bulk of the EU's contribution.

EU finance and environment ministers will discuss the commission's proposals at their next meetings on 20 and 21 October, respectively. ENDS understands Poland still insists there must be an agreement on internal burden-sharing before it signs up to an overall EU contribution.

Follow-up: European Commission pages on a future global climate agreement

http://ec.europa.eu/environment/climat/future_action.htm.

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