Feb. 20 (Bloomberg) -- European Union finance ministers will ask the bloc’s regulator to analyze how putting a price on carbon from aviation and shipping could help raise funds to fight climate change, according to a draft EU document.
Finance ministers from the 27-nation EU are scheduled to meet in Brussels tomorrow, after a gathering of euro-area ministers scheduled to start later today. One of the issues on the agenda is financing the battle against global warming after a United Nations conference in Durban, South Africa, last year approved an instrument governing a fund to channel climate aid.
Ministers will say that putting a price on emissions from global airlines and shipping would generate a signal to cut more greenhouse gases by those industries and has the potential to generate “large financing flows,” according to draft conclusions from the meeting obtained by Bloomberg News.
EU governments will also invite the European Commission, the bloc’s regulatory arm, “to prepare a reflection paper by June on carbon pricing of global aviation and maritime transportation” taking into account developments at the International Maritime Organization and International Civil Aviation Organization, the draft document showed.
The UN agencies have been unable to agree on measures to curb emissions from ships for more than a decade. The European Union, which runs the world’s biggest carbon trading system, expanded its carbon curbs to include aviation at the start of this year and has said it may present its own proposal to limit shipping pollution if IMO doesn’t find a solution.
‘Substantial, New, Reliable’
“We need to see Europe behind a global deal that raises cash for climate action in poor countries from international aviation and shipping,” said Lies Craeynest, an EU climate change expert at development charity Oxfam. “People in poor countries desperately need substantial, new and reliable flows of money to help them adapt to the damaging impacts of a changing climate and to develop in a low carbon way.”
Ministers will also commit to continue work with other countries and institutions to determine ways to raise $100 billion a year in aid that rich nations have promised by 2020 to help developing countries fight climate change, according to the draft document.
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