EU Heads of State and Government Agree on Climate Change Text for Pittsburgh G-20 Summit
17 September 2009: The EU Heads of State and Government met informally in Brussels, Belgium, on 17 September 2009, in preparation for the Pittsburgh G-20 Summit.
The resulting agreed text, among other things, calls on the G-20 to significantly step up the pace of negotiations on climate change, with developed countries making ambitious commitments to mid-term reductions and quantifiable actions in accordance with the l'Aquila G-8 Summit outcome.
In addition, all countries except least developed ones are expected to contribute to financing climate change responses, with public funding commitment being shared on the basis of a universal, comprehensive and specific contribution key reflecting ability to pay and responsibility for emissions.
The European Commission estimated that “the total net incremental cost of mitigation and adaptation in developing countries could amount to about EUR 100 billion annually by 2020 to be shared between domestic finance, carbon market-based financing and international public support,” based on the assumption that appropriate mitigation actions are taken by developing countries, especially those that are economically more advanced. The Commission further estimated “the financial need during the period 2010-2012 to be about EUR 5-7 billion per year prior to the establishment of a financial architecture under a Copenhagen agreement.” [Press release] [Agreed document]