The European Union has provided the countries of the south of the world with $23 billion to combat climate change
The European Council announced today, Friday, that the European Union and its 27 member states have committed to provide climate financing of 23.04 billion euros ($22.94 billion) to the countries of the southern part of the world.
A press release said the funding, which came from public sources, was aimed at "supporting developing countries to reduce their greenhouse gas emissions and adapt to the effects of climate change."
The announcement comes ahead of the United Nations Climate Change Conference "COP27", which will be held in Sharm El-Sheikh, Egypt, starting from the sixth of November.
Funding included €2.50 billion from the EU budget and the European Development Fund, along with €2.56 billion from the European Investment Bank.
The statement, citing European Commission figures, said that 54% of the funding was allocated either to climate adaptation or measures to address both adaptation and mitigation of climate change.
About half of the total amount was committed in the form of grants.
"The European Union and its member states are determined to continue to fulfill their commitments to international climate finance, in order to achieve the collective goal of developed countries to raise $100 billion annually," the press release said.
International Public Climate Finance aims to support countries in the global south to implement the 2015 Paris Climate Agreement.
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