Brussels, 5 November 2024
In 2023, the European Union and its 27 member states contributed €28.6 billion in climate finance from public sources and mobilised an additional amount of €7.2 billion of private finance to support developing countries to reduce their greenhouse gas emissions and adapt to the impacts of climate change.
The Council published the figures today, in preparation for the United Nations Climate Change Conference of the Parties (COP29), which will take place from 11 to 22 November in Baku, Azerbaijan. The figures are based on the EU climate finance reporting rules laid down in the governance regulation.
According to data compiled by the European Commission, approximately half of the public climate funding for developing countries has been directed to climate adaptation or to cross-cutting action (involving both climate change mitigation and adaptation initiatives). Grant based finance represents a significant share (almost 50%) in the EU and member states public contribution. At the same time, the EU actively seeks to extend the range and impact of sources and financial instruments and to mobilise more private finance, all being major tools to support international climate action. This way, the EU will continue to help developing countries to implement the 2015 Paris climate change agreement.
The 2023 figures reconfirm the EU and its member states resolute efforts for delivering on their international climate finance commitments, particularly towards the developed countries’ collective goal of mobilising $ 100 billion per year, which is applicable through to 2025.
Background
The €28.6 billion in climate finance from public budgets includes €3.2 billion from the EU budget, including from the European Fund for Sustainable Development Plus, and €2.6 billion from the European Investment Bank. The overall public figure is calculated based on commitments for bilateral and disbursements of multilateral finance reported for calendar year 2023.
The €7.2 billion figure regards the private financial support mobilised through public interventions (e.g., guarantees, syndicated loans, direct investment in companies, credit lines, etc.). It does not include any amounts of the public finance utilised for the mobilisation of this private financial support.
EU member states reported data on the 2023 climate finance pursuant to article 19.3 of regulation (EU) 2018/1999 of the European Parliament and of the Council of 11 December 2018 (‘governance regulation’) and article 6 and annexes III-V of Commission implementing regulation 2020/1208.
- Council conclusions on climate finance in view of the COP 29 including the figure for 2023
- Governance regulation
- Climate finance: Council approves conclusions ahead of COP 29 (press release, 8 October 2024)
- Financing the climate transition (background information)
- COP 29 website