Europe will hand over a "substantial" amount of cash aimed at helping countries hurt by climate change, the Commission has announced. (Photo by Thierry Monasse/Getty Images)


EU to give ‘substantial’ cash to nations hurt by climate change


Europe will hand over a “substantial” amount of money to help countries hurt by climate change, the Commission says.

The announcement, which does not reveal the exact sum, precedes the international COP28 climate summit in Dubai later this month.

The EU will be a chief backer of a new fund to compensate nations harmed by climate change, says EU climate action commissioner Wopke Hoekstra in a joint statement with COP28 president-designate Dr Sultan Al Jaber.

Hoekstra “is ready to announce [a] substantial financial contribution” in the context of “an ambitious outcome at COP28”, says the statement.

The EU will also financially support a “COP28 Renewable Energy and Energy Efficiency pledge”, though the statement does not reveal details about the project or the scale of support.

The EU has aimed at radical measures to cut European carbon emissions, but also struggled to promote real innovation aimed at tackling climate change.

In the automotive sector, European car makers that were traditionally dominant in the sector have fallen behind their American and Asian rivals.

EU attempts at rescuing its automotive industry have so far focussed on scrutinising Chinese manufacturers, with European Commission President Ursula von der Leyen announcing an anti-subsidy probe into China’s electric vehicle industry earlier this year.