Commissioner Moscovici representing the Commission at a ministerial meeting on Climate Finance in Lima

Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs will attend a key ministerial meeting on Climate Finance in Lima today. The session will gather Ministers of Finance from around the world to discuss ongoing efforts to scale-up climate finance, i.e. funding to help developing countries to both limit and adapt to climate change. This is an important milestone on the road to the crucial UN conference on climate change starting in Paris on 30 November, which needs to reach a new, robust climate change agreement. The EU and its Member States are the biggest contributors of climate finance to developing countries, providing €9.5 billion in 2013 in grants and loans. In addition, the European Investment Bank is providing €2 billion in financing for climate projects in developing countries. The EU is firmly committed to contributing its fair share to the international commitment of $100 billion in climate finance annually by 2020. Furthermore, by 2020, at least 20% of the EU budget will be spent on climate action. Read a full memo on climate finance here