17 May 2011: The European Council of Economic and Financial Affairs adopted conclusions on key issues and next steps in international climate finance, including the endorsement of an updated final report on fast-start finance provided in 2010, emphasizing that it confirms that the EU and its member States have mobilized EUR2.34 billion in 2010 as part of a broader commitment to provide EUR7.2 billion cumulatively over the period 2010-12.

The meeting of the EU Council took place in Brussels, Belgium, on 3 May 2011. In its conclusions, the Council underscores that it will be “challenging but feasible to meet the commitment by developed countries to jointly mobilizing US$100 billion per year by 2020, in the context of meaningful mitigation action and transparency on implementation, to enable and support enhanced action on mitigation,” including substantial finance to REDD+ (reducing emissions from deforestation and forest degradation in developing countries, as well as conservation, sustainable management of forests and enhancement of carbon stocks)-plus), adaptation, technology development and transfer, and capacity building.

The Council calls on the current and incoming Presidencies of the Conference of the Parties (COP) to the UNFCCC to ensure that the conclusions of the the Final Report of the UN Secretary-General’s Advisory Group on Climate Finance and other relevant reports are discussed within the UNFCCC process; and seeks agreement on a process for taking forward the conclusions and recommendations in an open and transparent manner to secure progress at the Durban Climate Change Conference.

It also highlights the need to identify a path for scaling up climate funding from 2013 to 2020, depending on climate actions taken in developing countries and progress in the international negotiations. The Council: acknowledges the need to consider different funding sources, including on how best to implement and combine them; emphasizes the importance of combining public and private sources of finance, together with increased lending and leveraging by financial institutions; and underscores the importance of having a single climate-compatible development strategy covering both adaptation and mitigation aspects, including REDD+.

Ministers also highlight the potential of carbon pricing of global aviation and maritime transportation in generating large financial flows, noting the need for further work by the International Maritime Organization (IMO) and the International Civil Aviation Organization (ICAO) to develop without delay a global policy framework that avoids competitive distortions or carbon leakage. [Conclusions on Key Issues and Next Steps in International Climate Finance]