The European Union (EU) is poised to advocate for the fossil fuel industry to contribute to funding efforts aimed at combating climate change in poorer countries, according to a draft document.
The EU’s proposal aligns with a United Nations target, with discussions expected at this year’s U.N. climate negotiations in Baku, Azerbaijan, in November.
At the heart of the negotiations is the establishment of a new financial goal for wealthy, industrialized nations to support poorer countries in adapting to the severe impacts of climate change. Nations must determine whether the new climate finance goal will rely solely on public funding or incorporate contributions from the private sector and international institutions to meet the growing needs of developing nations.
The Organisation for Economic Co-operation and Development (OECD) estimates that developing nations’ climate investment requirements could reach $1 trillion annually by 2025.
Source: Reuters