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15.09.2021, 08:44

European Union pledges extra 4 billion euros in international climate finance

Reuters reports that the European Union pledged to increase financial support to help poorer countries fight climate change and adapt to its impacts, and called on the United States also to step up.

"We will now propose an additional 4 billion euros for climate finance until 2027," European Commission President Ursula von der Leyen said.

"But we expect the United States and our partners to step up too. This is vital, because closing the climate finance gap together, the U.S. and the European Union, would be such a strong signal for global climate leadership," she said.

The EU already contributes $25 billion per year in climate finance, von der Leyen said.

Climate finance is expected to be a decisive issue at the United Nations' COP26 summit in November, where world leaders will attempt to unlock commitments to cut emissions faster and stave off catastrophic climate change.

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