Climate Change : Climate finance: Council approves 2022 international climate finance figures

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The Council approved the figures Thursday last week, in preparation for the United Nations Climate Change Conference of the Parties (COP28), which will take place from 30 November to 12 December in Dubai, United Arab Emirates. The figures are based on the EU climate finance reporting rules laid down in the governance regulation.3

In 2022, over 54% of the EUR 28.5 billion public funding for developing countries was dedicated to either climate adaptation or cross-cutting action (involving both climate change mitigation and adaptation initiatives), with close to half of the total funding (almost 49%) coming in the form of grants, according to data compiled by the European Commission.

The EU and its member states are determined to continue delivering on their international climate finance commitments towards the developed countries' collective goal of mobilising USD 100 billion per year, which is applicable through to 2025. This resolve is demonstrated by the new level of EU climate finance reached in 2022, which represents a significant progression compared to previous years.

International public climate finance plays an important role in helping developing countries to implement the 2015 Paris climate change agreement, together with climate finance from private sources.