Council of the European Union reaffirms the EU and it's Member States' commitment to provide EUR 7.2 billion cumulatively over the period 2010 – 2012 to fast start finance and underlines that despite the difficult economic situation and tight budgetary constraints, the EU and its Member States are on track towards meeting their commitment.
It also confirms that the EU in providing finance for adaptation will continue to take into account the needs of the particularly vulnerable developing countries, including the Least Developed Countries such as Nepal.
According to a press release of Delegation of the European Union (EU) to Nepal, in its recent meeting held in Brussels, the Council adopted various resolution regarding climate finance and fast start finance.
"The Council reaffirms the collective commitment by developed countries in the Copenhagen Accord and under the Cancun Agreements to provide new and additional resources, approaching USD 30 billion for the period 2010-2012; STRESSES the important role of fast start finance in supporting the swift implementation of the Cancun Agreements.
It also reaffirms the EU and its Member States' commitment to provide EUR 7.2 billion cumulatively over the period 2010 – 2012 to fast start finance; UNDERLINES that despite the difficult economic situation and tight budgetary constraints, the EU and its Member States are on track towards meeting their commitment.
It endorses the preliminary report on finance provided by the EU and its Member States in 2012 for "fast-start measures" to be presented at the UNFCCC Conference of the Parties (COP 18) from 26 November till 7 December 2012 in Doha and the indicative list of individual actions funded.
The council confirms that to date a total of € 7.1 billion1 has been provided by the EU to meet its FSF commitment, with 40.5% of the total to fund mitigation action, 30.1% to support adaptation and 13.0% to support action to reduce deforestation and forest degradation in developing countries; notes that, 16.4% of the funding cannot be categorized due to the multipurpose nature of the activities supported; notes that disbursement will continue beyond 2012 in line with project cycles committed between 2010 and 2012.