EU has agreed to accept burden sharing on climate change mitigation

The EU is reportedly willing to begin its funding next year, although a new global climate deal replacing the Kyoto Protocol is not expected to become effective before 2013. The new EU move is an attempt to signal willingness to reach a global deal at the UN climate conference in Copenhagen in December.

According to the web edition of the Danish daily, Politiken, the European Union suggests a global sum of annually five to seven billion euro during the period 2010-2012. EU expects to fund around a third of the total amount.

The European heads of state also agreed on the principle that EU must commit itself to fund part the global climate deal to be made in Copenhagen. According to the news media, EU would set 100 billion euros as a global annual target for climate funds for developing countries. Up to half of this amount should derive from public sources in the rich countries.