Finance ministers from the 27-nation European Union met in Brussels on Tuesday to discuss the development of a mechanism to govern potential climate aid funding from developed nations and industry.

The funding channel, termed the Green Climate Fund, as approved at the United Nations conference in Durban, South Africa last year, would see $100 billion a year raised for distribution as climate aid.

The ministers asked the bloc's regulator to specifically analyse how putting a price on greenhouse gases from global aviation and shipping would shape the fund.

The European Commission, the bloc's regulatory arm has been asked to prepare a reflection paper by June on carbon pricing of global aviation and maritime transportation, taking into account developments at the International Maritime Organisation and International Civil Aviation Organisation.

Emission curbing mechanisms for the shipping industry have been at the centre of United Nation climate debates for over a decade and the EU, who expanded its carbon curbs to include aviation at the start of this year, has said that it may present its own proposal to limit shipping pollution if IMO doesn't find a solution.

"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.

"We are happy to see finance ministers support efforts to get the Green Climate Fund up and running," Meera Ghani, an expert at Climate Action Network, said by e-mail today. "All EU member States must make substantial pledges before the next UN climate conference in Qatar, at the end of this year."

 

 

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