EU Confirms to Meet Pledge to Release $9.9 Billion in Aid for Climate

The European Union is on track to meet its pledge of providing 7.2 billion euros ($9.9 billion) in climate-related aid for poor nations from 2010 to 2012 after mobilizing 4.68 billion euros so far.

Artur Runge-Metzger, head of climate strategy for the 27- nation bloc, said it’s taking time to get climate projects working.

“Part of the money comes as loans with concessional terms, as they’re a way of leveraging private finance,” he said at a briefing in Durban, South Africa, today at a United Nations conference on climate change. The figures were first discussed in a draft document for finance ministers of the EU on Nov. 8.

To contact the reporter on this story: Alex Morales in Durban, South Africa at Amorales2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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