The European Union and its 27 member states provided €31.7 billion ($33.6 billion) in public climate finance in 2024 and mobilized another €11 billion from private sources to help developing nations combat climate change, the European Council said Monday.
The figures, released ahead of the United Nations COP30 summit in Belém, Brazil, indicate Europe’s growing role in global climate finance and its commitment to the Paris Agreement targets.
Funding Doubled Over a Decade
The council said Europe has more than doubled its climate finance since 2013. That year, the bloc provided €9.6 billion, compared with €31.7 billion in 2024. The total rose steadily each year, reflecting stronger commitments to help poorer nations cut greenhouse gas emissions and adapt to rising temperatures.
The EU’s 2024 funding included €4.6 billion from the EU budget and the European Development Fund and €2.4 billion from the European Investment Bank.
Private funding of €11 billion was mobilized through public interventions, including guarantees, syndicated loans and direct investments.
Adaptation and Grants Remain Priorities
According to European Commission data, half of the EU’s public climate finance supported adaptation projects or initiatives combining both mitigation and adaptation goals. Nearly 50 percent of this funding was in the form of grants rather than loans.
The bloc has also diversified its financial tools to mobilize more private investment. These efforts align with the New Collective Quantified Goal adopted in 2024 under the Paris Agreement, which calls for expanded and predictable support for developing nations.
Stepping Toward the $100B Global Goal
The 2024 figures reaffirm the EU’s commitment to its share of the developed countries’ collective pledge to mobilize $100 billion a year for climate action through 2025.
“Europe’s contribution reflects its determination to deliver on global climate goals,” the Council said, adding that the bloc’s financial support remains key to building resilience and lowering emissions in vulnerable economies.
Since 2022, the EU has used a revised methodology to calculate public climate finance. The new system is based on commitments for bilateral funding and disbursements of multilateral finance made in the same year, improving comparability and transparency.
EU member states report these figures under the bloc’s governance regulation, ensuring consistency with international standards on climate finance disclosure.
Looking Ahead
The latest data will feed into discussions at COP30, where negotiators are expected to assess progress on the $100 billion annual target and shape a new long-term finance goal beyond 2025.
With rising climate impacts and growing pressure on donor countries, the EU said it will continue to “extend the range and impact of financial instruments” and strengthen its cooperation with developing nations.
As global temperatures climb, Europe’s rising climate finance signals both a moral and strategic investment, one aimed at stabilizing economies and ecosystems worldwide.
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