EU Doubles Climate Funding, Reaching €42.7 Billion for Developing Nations

The Council of the EU has released data on the financial resources allocated to climate finance: since 2013, funds allocated to developing countries to mitigate and adapt to climate impacts have more than doubled.

In 2024, the European Union and its 27 member states contributed €31.7 billion to international climate finance and mobilised €11 billion in private capital to support developing countries in reducing greenhouse gas emissions and adapting to the impacts of climate change.

Europe strengthens its global leadership in climate finance ahead of COP30 in Brazil

The data, published by the Council of the EU ahead of the United Nations Climate Change Conference (COP30 and CMA7) , which will take place from 10 to 21 November 2025 in Belém, Brazil , are based on the European climate finance reporting rules established by the Regulation on the Governance of the Energy Union and Climate Action.

Since 2013, Europe has more than doubled the funding it allocates to developing countries to mitigate and adapt to climate impacts: from €9.6 billion in 2013 to €31.7 billion in 2024. The main sources include the EU budget, the European Development Fund (EDF) and the European Investment Bank (EIB).

Starting in 2022, the overall public finance figure will be calculated using a new methodology , which combines bilateral commitments and multilateral financing disbursements in the same year. According to the European Commission , approximately half of public funds allocated to developing countries are earmarked for climate adaptation or cross-cutting actions, integrating mitigation and adaptation.

EU boosts support for developing countries to fight climate change and drive green transitions

Furthermore, grants represent almost 50% of the total public contribution from the EU and its Member States. In parallel, the EU aims to expand the range of financial instruments and mobilize additional private resources, in line with the strategic approach adopted in 2024 under the new Collective Quantified Goal envisaged by the Paris Agreement.

“The 2024 figures confirm the EU’s determination to meet its international commitments on climate finance , contributing substantially to the collective goal of developed countries to mobilize $100 billion annually until 2025,” the Council of the EU stated in a statement.

Specifically, of the €31.7 billion from public sources, €4.6 billion comes from the EU budget (including the EDF) and € 2.4 billion from the EIB. The additional €11 billion refers to private capital mobilized through public interventions such as guarantees, syndicated loans, direct equity participations, or credit lines.

With these results, Europe reaffirms its role as the leading global donor of climate finance , concretely supporting the implementation of the 2015 Paris Agreement and the ecological transition in the most vulnerable countries.

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(Featured image by Alexandre Lallemand via Unsplash)

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