Economic and Financial Affairs Council: Main results
EU News 323/2015
Council of the European Union
The Council adopted conclusions ahead of the 21st conference of the parties to the UN framework convention on climate change.
The conference, to be held in Paris from 30 November to 11 December 2015, will set out to approve a new UN climate agreement for the post-2020 period. The aim is to limit the global average temperature increase to maximum 2°C compared to pre-industrial levels, and guarantee sufficient public and private financing to achieve that.
The Council conclusions focus on the EU's climate finance contributions towards the $100 billion per year pledged by developed countries by 2020, and on the predictability of climate finance contributions. They address the financing aspects of a new UN climate agreement for the post-2020 period.
Significant resources will be needed to help developing countries deal adequately with climate change, both to reduce greenhouse gas emissions and to adapt to the consequences of climate change. The $100 billion per year pledged by developed countries by 2020 will come from a broad variety of sources: public and private, bilateral and multilateral and including alternative sources of finance.
Capital markets union
The Council adopted conclusions welcoming the Commission's action plan for the development of a capital markets union.
The plan is aimed at establishing a fully functioning EU capital markets union by the end of 2019. A variety of measures are planned to strengthen capital markets so as to attract more investment, including foreign investment, for European companies and infrastructure projects.
Source and additional information:
Video: The Economic and Financial Affairs Council discussed financing action against climate change and adopted conclusions on this regard. (C)EU, 2015 URL