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EU Reports It Has Exceeded Fast Start Climate Finance Pledge

European Union 14 May 2013: The EU has reported that it has surpassed its fast start finance pledge to developing countries by providing over €7.3 billion (approximately US$9.5 billion) of climate finance.

The EU's Economic and Financial Affairs (ECOFIN) Council adopted a report that shows that the EU provided about a third of the total developed country commitment to climate finance for 2010-2012. In 2009, at the UN Climate Change Conference in Copenhagen, Denmark, developed countries committed to provide US$30 billion for 2010-2012 to enable and support climate-related action in developing countries. The EU is the largest contributor of climate finance to developing countries, and reports that it aims to continue supporting the most vulnerable, including small island developing States (SIDS), least developed countries (LDCs) and Africa, in adapting to the consequences of climate change. [EC Press Release] [EC Fast Start Finance Website]