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Financing climate change

Shortly after the UN's Intergovernmental Panel on Climate Change (IPCC) report of 8 October urging countries to massively shift towards a new paradigm, the European Economic and Social Committee (EESC) has adopted an opinion arguing for a "finance-climate pact" to ensure the financing of the necessary transitions. With the EU budget for the period 2021/2027 about to be adopted, the EESC tables the most ambitious proposal among the EU institutions: 40% of the EU budget should be devoted to the fight against climate change and its consequences, be it environmental, economic or social. 


After 2017, a year marked by an unprecedented series of climate disasters, climate change is the primary global challenge we have to tackle together. Today, international commitments place us on a trajectory of over 3°C global warming, which is a long way off the objectives of the Paris Agreement adopted two years ago, which aims to limit rising temperatures to below 2°C, 1.5°C if possible. We can therefore see that much greater efforts are needed – a real revolution in our production and development methods. – writes Anne Chasagnette, Member of the Employers' Group