The European Union has announced €1 billion in support of climate adaptation in Africa. The sum is a starting point, he said. This was revealed in a statement by Frans Timmermans, the executive vice president of the European Commission. During his speech at COP 27 on November 16, in Sharm El-Sheikh, he laid emphasis on the event being an African COP and an adaptation COP. Timmermans said, the four members are France, Germany, the Netherlands, and Denmark and that other countries could join.
Timmermans also said the EU will provide 60 million euros for loss and damage and will present ideas today on how to take loss and damage negotiations forward, at the UN's COP27 climate summit. However, this came as leading politicians diluted hopes for a broad agreement on the idea of a global fund to compensate developing countries suffering the effects of climate change in Sharm el-Sheikh this year.
No fewer than 154 countries signed the UNFCCC in June 1992, coming to an agreement to combat harmful human impacts on the climate.
African countries have already suffered unprecedented climate events in the course of this century. By 2050, climate impacts could cost African countries $50 billion annually. The EU, its Member States and financial institutions, collectively known as Team Europe, is the world's leading contributor of development support and the world's biggest climate finance contributor, providing at least a third of the world's public climate finance. This Team Europe Initiative is part of the broader support to adaptation to climate change that the EU and EU Member States are delivering in Africa.