Misses, shortfalls and passes - ECOFIN Conclusions on climate finance
17 May 2011
EU Finance Ministers agreed on text to further the EU’s position on its contributions towards international climate finance. CAN-Europe and its members welcome the conclusions and were pleased to see the endorsement of the AGF report which highlighted a number of innovative finance sources for climate finance. Its all on the IMO and ICAO to make decisive progress to raise revenues for bunker fuels.
The text does conclude on many important issues but doesn't elaborate on the most pertinent question - how it plans to raise the 100bn promised to finance mitigation and adaptation actions in developing countries? In addition it fails to mention what sources would be looked into and misses the opportunity to address the Financial Transaction Tax (FTT).
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