The Economic and Financial Affairs Council (ECOFIN), comprising Economics and Finance Ministers of the 27 European Union Member-States, on Tuesday adopted a report indicating that the European bloc has met its financial commitments made for 2010-12 at the the 2009 UNFCCC Climate Change Conference in Copenhagen.
During the Climate Change Conference hosted by the United Nations Framework Convention on Climate Change in Copenhagen in 2009, developed countries had committed to provide $30 billion for 2010-2012 to enable and support climate-related action in developing countries.
The report adopted by the ECOFIN showed that the European bloc provided about a third of the total financial commitment made by developed countries at the Copenhagen conference for the 2010-2012 period, making it the largest contributor of climate finance to developing countries.
"Despite difficult economic circumstances, the European Union has met and even surpassed its fast start finance pledge to developing countries by providing more than EUR7.3 billion climate finance," Connie Hedegaard, European Commissioner for Climate Action, was quoted as saying in a press releease issued on Tuesday.
"This is a very clear demonstration of the EU's commitment to finding a global solution to the benefit of all to the impacts of climate change," Hedegaard added.
According to the pressed release, the EU will continue to provide "climate finance to developing countries and will in particular support the most vulnerable developing countries, including small island developing states, least developed countries and Africa, in adapting to the consequences of climate change."
For comments and feedback contact: editorial@rttnews.com
Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.