EU Pledges ?3 Billion for Sustainable Energy in Developing Countries

The European Union will allocate over ?3 billion in grants to support sustainable energy in developing countries over the next seven years.

The President of the European Commission, Jos? Manuel Dur?o Barroso (pictured), in making the announcement at the United Nations Climate Summit in New York said: “Support to the most vulnerable parts of the global community is critical in this regard. That is why today, I can specifically announce that over the next seven years, the EU aims to allocate more than ?3 billion in grants to support sustainable energy in developing countries.

“(Overall) this will leverage between ?15 and ?30 billion in loans and equity investment, to plug gaps in energy infrastructure and businesses, to power schools, homes and hospitals in a sustainable manner,” he said.

“Climate change is one of the defining threats of our times. It is indeed a generational challenge to which we must all rise. It disrupts societies and economies, undermines development and destroys our global commons.

At the same time, climate change also presents an opportunity to reinvent our economies, a chance to reinvent our economies in a cleaner, leaner, greener and more efficient way.

“The European Union has been and remains at the forefront of efforts to address climate change. In 2005, we created the world’s first and largest carbon market with the EU Emissions Trading System. In 2008, we set the most ambitious targets for domestic emissions reductions, renewable energy and energy savings under our 2020 framework. This ambition is paying off. The EU is on track to meet our targets. We have seen our economy grow. Since 1990, Europe’s greenhouse gas emissions have fallen by 19%, while our GDP rose by 45%. So we prove that climate protection and a strong economy can ? and must ? go hand-in-hand.”

President Barroso added: “We look forward to finalising a new global climate agreement in Paris next year. This must involve all Parties in a comprehensive framework to reduce emissions ? reflecting science but also today’s political and economic realities.”

EU PRESS RELEASE