Late last night Europe's Environment Ministers set out the EU's expectations for the UN climate negotiations in Doha later this year, but had little to say on how the EU will meet its commitment to help deliver $100 billion in climate finance by 2020.
Tracy Carty, climate change adviser, Oxfam said:
"Climate change is already hitting the livelihoods and harvests of some of the world's poorest people. They need money and support to help them adapt. The EU cannot arrive at the Doha climate talks empty-handed.
"New innovative sources of finance like the EU Financial Transaction Tax and the money the aviation industry will pay for its carbon pollution can provide vital funds to help poor countries hit by climate change.
"The UK government must take leadership in the EU and globally to ensure that all developed countries honour the commitments they made to increase climate finance between 2013 and 2020."
Oxfam is calling on the EU to spearhead efforts to put together a climate finance package that is double the EU's current levels of finance and includes a significant contribution to the Green Climate Fund.
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Notes to Editors
· A copy of the Environment Council conclusions and press release can be found here
· Developed countries committed in Copenhagen in 2009 to mobilise $100 billion per year by 2020 to help poor countries.
· The EU committed to pay 7.2bn Euros as part of the Fast Start Finance initiative which comes to end this year.
· A green light for a European Financial Transaction Tax through enhance cooperation was given by the Commission on 23 October, and is now ready for adoption. Based on the initial European Commission proposal, the German Institute for Economic Research estimates that a financial transactions tax implemented in 10 countries could raise €37bn. Just 20% of the EU FTT allocated to development and climate finance could already raise €7.4bn a year, half of which should go through the Green Climate Fund.