The European Union (EU) will pay more than one billion euros to help Africa adapt to climate change, announced the Vice-President of the European Commission, Frans Timmermans.
France, Germany, the Netherlands and Denmark, accompanied by the EU, pledged" to provide more than one billion euros to support the combat against climate change in Africa." European Commission Vice-President Frans Timmermans made the claim at COP 27 in Sharm el-Sheikh, Egypt. "This initiative must mobilize new and existing adaptation programs," the Commission said in a press release. "These funds should be used to collect data on climate risks, to strengthen early warning systems to warn the population of an impending disaster and to help mobilize finance - including private finance - on the climate issue."
"Finally, they must strengthen insurance mechanisms against unavoidable risks," detailed Frans Timmermans. Part of this money will also be directed towards the continent's losses and damages already suffered. Moreover, the EU specified that 60 million euros would be intended explicitly for damage to southern countries.
In another statement, Frans Timmermans rejected a proposal from the G77+China group, representing more than 130 emerging and developing countries, on creating a specific monetary fund to compensate for the damage. The EU will make its own proposal.
Frans Timmermans told reporters, "Everyone should be in the system based on their current position." While the "facilitators" on this thorny issue have proposed a framework for negotiations until 2024, Frans Timmermans wanted the talks to be able to be concluded in 2023, during the next COP, without excluding a dedicated fund in the long term.
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