EU Council commits 23 billion euros in climate finance to support developing countries' green recovery
Ahead of the United Nations Climate Change Conference of the Parties (COP27) that will take place in Egypt next week, the Council of the European Union officially approved the 2021 climate finance figure amounting to more than 23 billion euros. Public sources have made these funds available to help developing countries adapt to climate change outcomes and reduce their gas emissions.
In the last few years, the main focus of the European institutions has been growth: recovery from the pandemic, digitalisation, social and climatic justice and a more resource-efficient and sustainable economy. The ambitious goal for Europe is to achieve carbon neutrality by 2050, a purpose that needs constant financial contribution and public and private investments.
To fight climate change and finance climate transition, the European Commission presented in December 2019 the European Green Deal, a package of measures that aims at implementing a sustainable finance strategy that includes cutting greenhouse gas emissions and investing in advanced research and innovation in order to preserve Europe’s natural environment.
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