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EU Set to Meet €7.2 Billion Pledge in Fast Start Funding

28 November 2012: The EU has reported that it is on track to deliver €7.2 billion in fast start funding by 2013 to developing countries to strengthen their resilience to climate change. According to a new publication, the EU and its member states have already mobilized €7.14 billion, amounting to almost one-third of the US$30 billion pledged by developing countries over the three years 2010-2012.

The EU report, titled “European Union Fast Start Funding for Developing Countries,” includes information on how fast start funding is facilitating developing countries' adaptation and mitigation activities, and REDD+ efforts, including through capacity building, technology transfer, and support of immediate, medium and long-term action.

In 2012, EU fast start funding for developing countries amounted to €523 million for adaptation, €606 million for mitigation, and €247 million for REDD+.

Furthermore, the report affirms the EU's continuation of fast start funding through 2013, and its commitment to mobilize US$100 billion per year in public and private sources from developed countries by 2020.

The results of the report were presented during a side event at the 18th session of the Conference of the Parties (COP 18) to the UNFCCC in Doha, Qatar. [EU Press Release] [Publication: EU Fast Start Funding for Developing Countries]