The European Council in Brussels has announced that the European Union and its member states contributed €28.6 billion in public climate financing during 2023 and mobilised an additional €7.2 billion in private financing to support developing countries in reducing greenhouse gas emissions and adapting to the effects of climate change.
According to
Amac News: Based on the declaration of the Council of Europe, this aid is part of the preparations of this institution for the COP29 climate change conference, which is scheduled to be held in Baku on November 11 this year.
According to data collected by the European Commission, nearly half of public climate finance for developing countries is directed towards adaptation to climate change or comprehensive measures that include initiatives for both mitigation and adaptation.
In addition, grant-based funding constitutes a significant share (about 50%) of the general contributions of the European Union and member states.
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