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The EU and its member states’ contributions to help developing countries reduce their greenhouse gas emissions stood at around €21.7 billion (£18.6bn) in 2018.
They remain the largest provider of public climate finance. which has more than doubled since 2013. to help nations cope with the impacts of climate change.
The contributions are seen as an important step towards the implementation of the legally binding climate change agreement that was reached in Paris in December 2015.
Under the landmark deal. global nations agreed to pursue efforts to limit the temperature increase to 1.5°C.
The European Council states: The latest figure demonstrates the EU’s determination to scale up its international climate finance contribution towards the $100 billion [£77.6bn] per year goal set for industrialised countries by 2020 and through until 2025.
By 2025. the parties will set a new collective quantified goal. In this regard. the conclusions note the EU’s commitment to engage in these discussions as of November 2020.
