11th Jun: Money troubles11 June 2009
Events outside of Bonn could influence the talks.
Finance ministers met in Luxembourg on Tuesday to discuss the international finance contributions of the European Union (EU).
These are needed for global efforts to tackle climate change.
Taking action durng the international climate talks
No commitments
The EU failed to agree on new money for climate change. Instead Ministers decided that offsetting should count towards finance to developing countries.
This means that the EU can effectively double count their offsets as both:
- Emissions reductions within the EU
- Financial contributions to developing countries.
Action needed
But the science is perfectly clear. We need action at home and abroad - not double counting.
Friends of the Earth demands that Ministers agree:
- Concrete ways
to generate adequate public finance. - Clear guarantees
that funding is additional to domestic effort. - Control of finances
is under the UN and not the World bank.
Talks at risk
The EU's failure to come to agreement could derail future international climate negotiations.
It means that global finances won't be resolved until later in the year.
Further delays threaten the crucial UN climate talks in Copenhagen. That's when world leaders meet to dicuss an international climate deal.
Sign our petition
Take action and urge world leaders to do the right thing.
© Young Friends of the Earth Europe
