EU to lobby rich countries to increase climate finance at COP26

FILE PHOTO: EU flags fly in front of the European Commission headquarters in Brussels, Belgium, October 2, 2019. REUTERS / Yves Herman

BRUSSELS, Oct 28 (Reuters) – The European Union will pressure developed countries to commit to allocating more funds to help poorer nations reduce emissions and adapt to the impacts of climate change at the COP26 summit, the Thursday the European Commission.

The EU “will urge developed countries to increase their climate finance in order to reach the $ 100 billion target,” the Commission said in a statement, adding that the EU and its 27 member countries already contribute more than $ 25 billion a year.

Rich countries have so far failed to deliver on their 2009 promise to transfer $ 100 billion a year to poorer nations by 2020. Data released this week suggests that promise will not be fulfilled until 2030, fueling tensions that climate watchers They fear they could sour talks at the UN’s COP26 summit, which begins on October 31.

(Reporting by Kate Abnett, Marine Strauss; translation by Flora Gómez)