Mexico, the host of the next UN climate summit, has called on the EU to release the climate funds for developing countries, which was agreed upon at last year’s climate conference in Copenhagen.
“The developing world needs to see clear signals to have something in their hands at Cancun,” Mexico’s environment secretary, Juan Rafael Elvira, told reporters ahead of a meeting with his European counterparts in Brussels, reports euobserver.com.
“The developing countries want to see this money unblocked. Especially the island nations that are waiting for this funding,” Elvira said.
At the Copenhagen meeting, the EU committed to so-called fast-start funding of €7.2bn a year from 2010-2012 to pay for poor countries to take measures to adapt to the effects of climate change and begin making the shift to a low-carbon growth.
The funds, including €2.4bn this year, were intended as a trust-building exercise ahead of a decision on more substantial climate financing for the developing world.
EU finance ministers are expected to confirm the cash outlay at a separate meeting in Brussels today, reports euobserver.com.
The World Bank has estimated the full cost of such efforts to be $400bn a year by 2020.