EU to Finance Climate Issues with 500 Million Euro

Doha, December 05 (QNA) - The European Union's (EU) Commissioner for Climate Action Connie Hedegaard, said that EU is going to provide more than 500 million Euros for developing countries, of which, 200 million euros is for African countries, saying that the Union is the largest donor in financing the issues related to climate change, ways to adapt with it, and the reduction of warming gas emissions. At a joint press conference with EU Environment Committee's Chairman Matthias Groote on the side lines of COP18, that EU is committed to its pledge regarding Quick Start Fund, where Germany and England raised their donation for confronting climate change by 40 percent. She said that the European Commission has approved 400 million euros grants to support the poor countries, in energy services, adding that there is a trend to increase the funding for renewable energy in 2013. She confirmed that the European Development Bank will continue to provide assistance of up to 400 million euros, adding that the Union is serious about its commitments, and seems to be able to provide more assistance than those given previously. EU Commissioner for Climate Action welcomed the initiative of the UN Secretary-General Ban Ki-moon, in which he called governments participating inCOP18, to find solutions to the climate-related problems afflicting the world through five key points, in the forefront of which is the adoption of a seconds period of commitment for Kyoto Protocol to be ratifiable and legally binding. She explained that Kyoto Protocol not the only topic that is facing hurdles in the Doha negotiations, arguing that the adoption of the Protocol alone will not bring success COP18, stressing the need to achieve success in other paths, including the issue of funding, and the reduction of emissions. For his part, the Chairman of EU's Environment Committee Matthias Groote stressed that reaching binding solutions regarding the financing will lead to an agreement in COP18, adding that it is important that parties should not use any excuses to evade providing funding for developing countries affected by climate change. He explained that in COP18, funding will be a key issue to bring developing countries with the states parties to reach an agreement, considering that funding will be an incentive to move from the Kyoto Protocol towards an International Convention binding for all countries that can combat climate change. The Chairman of EU's Environment Committee considered that the Quick Start Fund is an important issue that should be dealt with seriously, pointing to the importance of work during this phase in order to determine the funding needed for the period 2013 and 2020. Groot demanded that there should be innovative sources of financing for climate change issues, and pointed out that there are many factors affecting funding, including taxes, demanding actions to reduce funding for fossil fuels, and raising taxes on them, in order to facilitate smooth shifting to financing fuel from renewable sources. He stressed that Europe needs political will in order to introduce renewable energy alternatives to their economies, and permanently shift to them through sustainable economies, considering that to be the opportunity for Europe and the world to solve the issues related to climate change. (END)