The EU's finance experts believe that developing countries will require $170 billion per year by 2020 to combat climate change with $140 billion being spent on emissions reductions alone. The EU has recognised that it will have to help fund the transformation of the developing world to a low carbon economy and that a firm funding plan is one of the few means of securing the support of the developing world for an international climate change agreement.
While acknowledging the need to provide funds it is unclear how the EU will source the money or how much the EU might contribute. But they have not spelt out how much the EU could pay. The EU is looking for a funding plan to be in place by the Copenhagen meeting and is hoping that the US will join them, at least in their thinking.
