EU contributed $31.2bn public climate finance in 2024

: Crude oil, Emissions, Oil products
24/11/05

The EU has contributed €28.6bn ($31.2bn) in climate finance from public sources in 2024 to help developing countries cut their greenhouse gas emissions (GHG) and adapt to climate change, according to the European Council.

Around half the funding went to climate adaptation or to cross-cutting action, which involves both mitigation — reducing GHG emissions — and adaptation. Almost 50pc took the form of grants, according to the EU.

The €28.6bn includes €3.2bn from the EU budget, including from the European Fund for Sustainable Development Plus, and €2.6bn from the European Investment Bank.

The EU said it also mobilised €7.2bn of private finance last year, and it "seeks to extend the range and impact of sources and financial instruments and to mobilise more private finance".

The figures were released ahead of the UN Cop 29 climate talks, which open on 11 November in Baku, Azerbaijan. Finance will be a key topic at this year's summit as parties to the Paris deal will seek to agree on a new finance goal for developing nations, following on from the current, but broadly recognised as inadequate, $100bn/yr target.

EU negotiators have signalled willingness to support "a stretched goal" with a public finance core, but have yet to provide a figure. Developed countries in general have yet to commit to a number for climate finance, while developing nations have for some time called for a floor of at least $1 trillion/yr.

By Caroline Varin

Europe's contribution to climate finance €bn

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25/03/28

UK EAC to explore airport expansion, net zero conflict

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Australia’s Boral set to stay below emissions baseline

25/03/28

Australia’s Boral set to stay below emissions baseline

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Oil, biofuel groups meet to align on RFS policy

25/03/27

Oil, biofuel groups meet to align on RFS policy

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Several countries have met fossil finance pledge: CSO

25/03/27

Several countries have met fossil finance pledge: CSO

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Repsol to begin Nantes bitumen terminal flows in April

25/03/27

Repsol to begin Nantes bitumen terminal flows in April

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