Brussels: The European Council has disclosed that the European Union and its member states have provided £28.6 billion in public climate financing throughout 2023. Additionally, they have mobilised £7.2 billion in private financing to aid developing countries in their efforts to reduce greenhouse gas emissions and adapt to climate change.
According to Emirates News Agency, these figures were released by the European Council as part of preparations for the upcoming COP29 Climate Change Conference, which is scheduled to commence in Baku on 11th November. The data collected by the European Commission shows that nearly half of the public climate financing was directed towards climate adaptation or comprehensive actions, involving both mitigation and adaptation initiatives.
A substantial portion of the EU and member states’ public contributions, around 50 percent, was provided in the form of grant-based funding. This reflects a significant commitment to supporting developing countries in their climate change eff
orts.
