WWF briefing: EU climate finance and COP Paris | WWF

WWF briefing: EU climate finance and COP Paris

Posted on 15 October 2015
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At the end of the year, the 21st Conference of the Parties to the UNFCCC will be a milestone in the fight against climate change. In Paris, governments must come together to speed up the transition towards decarbonisation and climate resilience. This COP is critical to providing a plan for addressing climate change in the post-2020 period.  

Addressing climate change will require two key actions from developed countries:
  1. a reduction in greenhouse gas emissions to keep global temperature rise between 1.5°C (ideal maximum temperature) and 2°C; and
  2. financial contributions for mitigation (including REDD+), adaptation and loss and damage.
Climate finance must reflect the 1.5°C / 2°C target, in that it should be used for zero-carbon projects that aim to cut emissions and keep temperature rises below 1.5°C. It is imperative that climate finance is enshrined within the Paris agreement, along with strict governing criteria to ensure accountability, transparency, and to avoid double-counting.

The EU has an important leadership role to play in fighting against global climate change. COP21 provides the opportune moment for Europe to encourage all nations to move to energy efficient, renewable energy powered nations. EU Member states should lead by delivering on their pre-2020 finance targets, by phasing out harmful fossil fuel subsidies and establishing innovative sources of finance. 
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