Summary: 12 November 2007, Lisbon - Louis Michel, European Commissioner for Development and Humanitarian Aid, calls for new major cash resources for poorest countries to combat climate change, at the 2nd European Development Days
An innovative fund financed by the world's richest countries is needed to tackle the problems faced by those countries worst hit by the affects of climate change according to Louis Michel, European Commissioner for Development and Humanitarian Aid.
The proposal to create a "global fund" to allow developing countries to fight against climate change came on the final day of the 2nd European Development Days in Lisbon.
Speaking before hundreds of delegates from government development agencies, NGOs and civil society, Commissioner Michel announced his intention to pursue "a global fund which will provide the huge financial resources which are needed to fight climate change, here and now. The worlds' richest countries would be responsible to pay-back the borrowed cash through a new innovative long-term mechanism." This fund, which could be managed by international institutions, would be wholly supported and
financed by the richest countries.
Commissioner Michel added: "Let´s come-up with a creative way to design this global loan which would allow us the resources to deal with these climate issues. If we don´t drive this forward through strong political decisions to get immediate results, we will find ourselves in the same place fifteen years from now."
Climate change has been top of this year's European Development Days with experts, development decision-makers, NGOs, civil society and politicians discussing how best to tackle this global challenge for the poorest countries.
More information : www.eudevdays.eu
Contact: John Clancy +32 498 95 37 73
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