A background paper published by Luxembourg, current holders of the rotating EU Council presidency, stresses this will be one of the “crucial elements for the success of the process”.
It proposes developing what it terms a “toolbox” which would outline how national development aid, green bonds and climate investment funds are being used to bolster climate finance flows.
The paper emphasises the need for a “credible financial offer”. That would explain how developed countries intend to meet a 2009 promise to mobilise $100 billion a year to help poorer states green their economies and deal with weather extremes.
Emissions trading, carbon pricing and funds to develop enabling legal and regulatory environments could also form part of a package. “Innovative and effective ways to meet the substantial financial needs that such a transition requires, are yet to be defined,” it says.
A spokesperson for the Luxembourg presidency told RTCC the proposals had been “generally welcomed” by EU environment ministers, adding internal discussions would continue.
Available at: http://www.rtcc.org/2015/07/30/eu-mulls-climate-finance-package-ahead-of-paris-summit/