Euros for low-carbon development Finance as a stumbling block to the EU’s position for Copenhagen

Abstract:

In line with promises made in Poznan last December, the EU has made efforts this year to develop a position agenda for the Copenhagen climate negotiations.

The EU’s attempt to advance global climate talks has proved more difficult than anticipated and the final position has been delayed due to internal tensions relating to climate finance in developing countries.

This demonstrates the practical difficulties of pursuing a forward-looking climate policy within the European Union.

Committing to concrete figures on the EU’s financial contribution would have however been politically premature given that other developed countries – notably the United States – have not yet signaled their own positions on finance.

The EU will also want the most advanced developing countries to commit to meaningful mitigation action before making financial pledges.

This will become a key issue as negotiations progress because developing countries will expect concrete figures on financing from industrialized nations before taking action on mitigation.