The European Union leaders have wrapped up a summit in Brussels with a firm funding pledge aimed at giving the Copenhagen Climate Conference a better chance of success. It is an example of innovative financing, according to the European Commission. The outgoing Swedish EU presidency said this serves the interest of climate adaptation.

Swedish Prime Minister Fredrik Reinfeldt: “The total EU figure amounts to 2.4 billion euros per year and it was also possible through the night to get contribution from all 27 member states and from the Commission.”

An envelope of 7.2 billion euros is considered necessary in the immediate term to help developing economies deal with climate change. The EU has stressed repeatedly that it intends to pay its fair share of this, translating into 2.4 billion euros now and part of a 100 billion euros estimate for the medium term.

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