Ahead of the Copenhagen climate conference in December, the EU promised to offer poor countries €2.4 billion a year in "fast-start finance" between 2010 and 2012 (EurActiv 11/12/09).
But while the report confirms the sums agreed, it falls short on detail, notably regarding how EU member states will share the costs between themselves.
The EU appears to be taking care not to set a precedent for future international negotiations on climate financing with its fast-track funding pledges.
Ministers stress that the fast-track contributions are voluntary pledges and therefore not based on any distribution key. The voluntary nature of the funds was a concession to a bloc of Eastern European member states, who were concerned about putting an extra financial burden on their economies (EurActiv 30/10/09).
Moreover, the report neglects to detail how much money will flow to each of the priority areas.
It simply lists adaptation, mitigation and technology cooperation as key thematic areas. These include helping developing countries integrate climate change into national development plans, building low-carbon infrastructure by cooperating on renewable energy and energy-efficiency projects, supporting sustainable forest management, and building capacity to adapt technologies to local circumstances.
State of play
Evaluating the implementation of the fast-start funds so far, the report argues that the EU is on track to meeting its three-year pledge as 21 member states and the European Commission have integrated individual pledges into their budgets. It does not, however, provide a breakdown of any sums committed so far.
Funding will be allocated both to mitigation and adaptation, with emphasis placed on the latter, according to estimates from national capitals and the EU executive. The money will be disbursed mainly through bilateral channels, the report adds.
Earlier this year, the US outlined its €1.4bn international climate finance budget for 2011. It pledged to provide €334 million for adaptation activities, €710 million for clean energy investments and €347 million for combating deforestation.
While the sums are more modest than those of the EU, they give a clear indication of where the priorities lie on the other side of the Atlantic.
