The European Union wants to help poor countries “significantly” combat climate damage

European Commissioner Wopke Hoekstra stressed that the new fund, which should help poor countries confront the devastating consequences of climate change, could rely on a “significant financial contribution” from the European Union. But then participants at the upcoming climate summit in Dubai must also agree to work hard to combat climate change.

At the climate conference, which starts in just over two weeks, participating countries want to decide what the climate damage fund agreed last year will look like. Who will pay for it and who can benefit from it, for example. According to EU sources, if Europe bears a large share of the burden, it may be able to persuade other countries to contribute as well or, for example, do more to combat climate change.

The new European Climate Commissioner represents the European Union at the summit, and must give the Union a pivotal role and driving force. Hoekstra “is ready to announce a significant financial contribution from the European Union and its member states,” he said after a conversation with the next president of the summit. The Dutchman did not mention the amount. Moreover, this will only be possible “in the context of an ambitious outcome on combating and adapting to climate change,” he points out.

The EU also wants to financially help countries generate more sustainable energy. In this way, it wants to ensure three times more renewable energy is produced worldwide by 2030, and energy is used twice as efficiently.

The United States announced earlier that it wants to deposit “several million dollars” into a new climate damage fund. Researchers estimate the damage caused by floods and droughts, for example, at hundreds of billions of euros annually.

The agreement to establish a compensation fund was the only real success of the previous climate summit in Egypt. No commitments were made to accelerate the greening process, which particularly disappointed Western countries.