The European Union and its 27 member states contributed a combined €42.7 billion ($45.6 billion) in climate finance to developing nations in 2024, according to new data released by the Council of the EU ahead of the upcoming UN Climate Change Conference (COP30) in Belém, Brazil.
Of this amount, €31.7 billion ($33.9 billion) came from public sources, while a further €11 billion ($11.7 billion) was mobilised from private finance to support developing countries in cutting greenhouse gas emissions and adapting to climate impacts. The figures, compiled under EU climate finance reporting rules, highlight Europe’s continued commitment to global climate action and the 2015 Paris Agreement.
Roughly half of the EU’s public climate funding was directed towards adaptation and cross-cutting initiatives that address both mitigation and adaptation. Nearly 50% of this support was grant-based, reflecting the EU’s emphasis on equitable and sustainable aid.
The 2024 totals reinforce the bloc’s determination to help meet the collective target of mobilising $100 billion per year, a goal that remains in effect until 2025. The funds include €4.6 billion ($4.9 billion) from the EU budget and €2.4 billion ($2.6 billion) from the European Investment Bank, alongside bilateral and multilateral commitments reported by member states.
EU officials said the bloc continues to broaden the scope of financial instruments and private-sector mobilisation, in line with the 2024 decision on the New Collective Quantified Goal under the Paris Agreement — ensuring the EU remains a leading partner in global climate finance.
