EU summit reaches agreement on climate financing

European Union leaders reached agreement on climate financing here on Friday, pledging to contribute to 50 billion euros (74 billion U.S. dollars) in annual aid to help developing countries adapt to climate change.

"We are ready to offer if our partners deliver," said European Commission President Jose Manuel Barroso told a press conference at the end of a two-day EU summit.

EU nations would not be required to contribute to the fund before 2013, said Swedish Prime Minister Fredrik Reinfeldt, whose country holds the current EU presidency.

"Action by the European Union alone will not be enough," said a conclusion document of the summit.

"A comprehensive and ambitious agreement can only be reached if all parties contribute to the process," it added.

The summit failed to set a figure but only agreed that "fast start financing" was made on a voluntary basis by member states.

The EU had been divided over climate financing, designed to help developing countries to adapt to climate change, between poorer and richer member states.

The summit agreed that the amount of public support for the financing of the fight against climate change would have to amount to 100 billion euros by 2020.

Source: Xinhua