Team Europe’s contribution to global climate finance 2013-2024.
Date: 2025-11-10
Institutions: Directorate-General for Climate Action
Subjects: EU environmental policy, EU investment, climate change, developing countries, financial risk, green economy, investment, sustainable development

BELÉM, Brazil
11 > 22 November 2025

Team Europe’s contribution  
to global climate finance 2013 - 2024
To tackle the climate crisis, global emissions need to go down.  
All countries around the world already face the impact of this crisis, making 
urgent action essential. Ambitious Nationally Determined Contributions (NDCs) 
and making finance flows consistent with a pathway towards low greenhouse 
gas emissions and climate-resilient development is necessary. The EU supports 
developing countries to reduce greenhouse gas emissions and adapt to climate 
change impacts, and in improving the mobilisation of climate finance through 
sustainable finance strategies and initiatives such as the International Platform 
on Sustainable Finance. Together, these initiatives contribute to the New 
Collective Quantified Goal (NCQG). 

The EU approach has three pillars:

 → funding climate action measures globally, with a focus on the poorest and most vulnerable 

countries and communities  

 → using grant support to leverage public and private investment, as well as financing from  

international development banks to support the implementation of NDCs and  
national adaptation plans 

 → assisting partner countries in the development of their own sustainable finance policy 

frameworks, in particular taxonomies and carbon pricing.  

World’s top donor

 In 2024, the EU and its Member States contributed EUR 31.7 billion (around USD 34.3 billion) 
in climate finance from public sources and mobilised an additional amount of EUR 11.01 billion of private 
finance. Close to half of the EUR 31.7 billion of public funding is represented by grants.

As outlined in the OECD report, developed countries provided and mobilised USD 115.9 billion in climate 
finance for developing countries in 2022. With the USD 100 billion goal exceeded for the first time,  
COP30 will be a crucial moment to transition to the New Collective Quantified Goal (NCQG).  

The European Union is committed to the full implementation of the NCQG, working hand in hand with all 
partners to ensure that the new goal becomes an effective tool for delivering the objectives of the Paris 
Agreement. 

The EU is actively engaged in supporting a global effort to mobilise climate finance at scale, recognising 
that addressing climate change requires contributions from a wide range of sources — public and private, 
domestic and international. Through its financial instruments, policies, and partnerships, the EU is helping to 
make financial flows consistent with a climate-resilient and low-emission development pathway. 

Building on its long-standing leadership in providing and mobilising climate finance, the EU continues to 
work with developed and developing countries and international partners to strengthen enabling conditions, 
improve investment environments, and promote innovative financing approaches that can unlock additional 
resources. 

In doing so, the EU is not only contributing to the collective delivery of the NCQG but also ensuring that 
it becomes a practical, inclusive, and transformative framework—one that accelerates the transition to a 
sustainable global economy and reinforces trust and cooperation among all Parties. 

The OECD will publish its next report on the 100 billion goal mid-2026. This report will include the updates 
on the global 2023 figures. On 30 October, the OECD has published a note, underlining that “Based on 
preliminary data and analysis, the goal is likely to have also been met in 2023, at a level similar to 2022.

The state of global Climate Finance in 2022* 
Total: EUR  115.9 billion mobilised

Mobilised by 
Team Europe

1/31/3

Mobilised by 
other donors 
in 2022

*Latest data available at global levelIncreasing our support
Since 2013, the EU and its Member States more than tripled the funds raised to help developing 
countries to reduce greenhouse gas emissions and adapt to the impact of climate change.

EU international climate finance 2013-2024**

30

25

20

15

10

5

0

s
n
o

i
l
l
i

b

R
U
E

3
3
1
1
0
0
2
2

4
1
0
2

5
1
0
2

6
1
0
2

7
1
0
2

8
1
0
2

9
1
0
2

0
2
0
2

1
2
0
2

2
2
0
2

3
2
0
2

4
2
0
2

**Figures include sources from public budgets and development financial institutions of the EU, its Member 
States (including the UK up to and incl. 2019) and the European Investment Bank. Financial support mobilised 
through public interventions is not included.

European Union’s climate finance contribution in 2024

28.5%28.5%

51%51%

20.5%20.5%

Mitigation

Adaptation

Dual-purpose 
projects

 
Africa
Team Europe Initiative Africa on Intra-ACP Climate 
Services and related applications – CLIMSA  

Adaptation

CLIMSA is an EUR 85 million initiative of the EU and the 
Organisation of African, Caribbean and Pacific States (OACPS). 
The overall objective of the programme is to: 

• Foster sustainable development, by improving climate 
and disaster resilience, with the specific objective of 
strengthening the climate services value chain.  

• Provide an actionable knowledge base for policy and the 
attainment of the UN Sustainable development Goals. 

• Provide technical support from the Commission’s Joint 

Research Centre, the World Meteorological Organisation,  
the European Organisation for the Exploitation of 
Meteorological Satellites, and the OACPS.

43%43%
of total Team Europe 
of total Team Europe 
climate finance 
climate finance 
contribution in 2024
contribution in 2024

Team Europe climate finance 
regards EU bilateral  
(or multi-bilateral) contributions 
from public budgets.

CLIMSA which produce monthly and seasonal climate forecasts, feed into the new Global Gateway 
initiatives in Africa, such as the Team Europe Initiative on Adaptation and Resilience in Africa (see 
below), the Africa-EU Space Partnership Programme, and the scientific and technological support to 
Regional Centres of Excellence. CLIMSA also contributes to the Multi-level Africa Multi-Hazard Early 
Warning and Early Action System (AMHEWAS) and the Early Warning for All initiative. 

Team Europe Initiative on Adaptation & Resilience in Africa  

Adaptation

African countries have seen major droughts, floods, storms and cyclones intensify and  become more 
frequent, while the capacity of the continent to adapt continues to be limited. 8 EU Member States and 
the Commission commit over EUR 1 billion to strengthen adaptive capacity and resilience of Africa’s 
most vulnerable populations against the risks of the climate crisis.  

The initiative: 

• improves access to climate adaptation finance to increase the resources of African governments and 
institutions to invest climate adaptation and disaster risk reduction. Under this Pillar, the EU made a 
EUR 100 million contribution to the Adaptation Fund (with EUR 80 million earmarked for 
sub-Saharan Africa), making the EU and its Member States the biggest contributor to this Fund 
with more than EUR 350 million.

• develops  and  implements  Climate  and  Disaster  Risk  Finance  and  Insurance  to  cover  vulnerable 
populations  against  climate  risks  to  provide  financial  protection  of  populations,  livelihoods, 
ecosystems and assets against the impacts of climate change.

• strengthens  inclusive  policy-making  and  governance  for  informed  decision-making  and  improved 

early-warning systems to plan, prepare, adapt and respond to climate risks.

• supports  the  gathering  and  analysis  of  data  on  climate  risks  to  improve  the  understanding  and 

management of climate change.

Asia & the Pacific

Supporting climate adaptation action in SIDS  
through the International Red Cross Red Crescent 
Global Climate Resilience Platform  

27% 
27% 
of total Team Europe 
of total Team Europe 
climate finance 
climate finance 
contribution in 2024
contribution in 2024

Adaptation

The Commission is financing local climate adaptation actions in 
Pacific and Caribbean SIDS through the International Red Cross 
Red Crescent (IFRC) Global Climate Resilience Platform (GCRP). 
This  EUR  4  million  initiative  will  build  on  other  GCRP  projects 
funded  by  the  Commission,  the  Netherlands,  Sweden,  Italy, 
Ireland, Finland, Austria, Spain, Denmark, and Germany, bringing 
the total EU and EU Member States support to the GCRP to over 
EUR 113 million. The Commission-funded initiative: 
• Will run for 4 years and support adaptation actions in Kiribati, 

Vanuatu, Belize, and Guyana.  

• Aims to link climate policy and practice at country level and connect climate action to disaster risk 

management.  

• Builds on local expertise and traditional knowledge. 
• Prioritises sustainability and cultural respect.  

Team Europe Initiative – Water, Energy, Climate Change in Central Asia    

Dual-purpose project

7 EU Member States, the Commission, the EIB & EBRD are supporting Kazakhstan, Kyrgyzstan, 
Tajikistan, Turkmenistan and Uzbekistan with EUR 710 million to: 
• Transition towards a green economy, promoting food security, jobs, growth, and sustainable 

development in the region, while maintaining climate neutrality and environmental sustainability.  

• Adopt a more diversified energy mix, while reducing exposure to climate hazards.  
A wide array of actions will take place under the  
Water-Energy-Climate Change initiative, including for example: 

• Manage and share their limited water and energy resources sustainably and fairly, balancing 
the needs of hydroelectricity generation with the water needs for agricultural production and 
ecosystem preservation.  

• Small hydropower plants will be constructed in Central Asian countries make use of sustainable, 

innovative European smallscale hydropower technologies.  

• Team Europe members are working with Central Asian governments and institutions such as the 
International Fund for Saving the Aral Sea, and other likeminded partners in the region to explore 
innovative solutions to improve water-energy management.  

• In Uzbekistan, the EU works to rehabilitate degraded lands in the lower Aral Sea basin, including 

through the establishment of a «green belt» of 15,000 hectares of protective forests, and 
through the planting of agroforestry crops.  

17%17%
of total Team Europe 
of total Team Europe 
climate finance 
climate finance 
contribution in 2024
contribution in 2024

Americas  
& the Caribbean

Team Europe Initiative on Euroclima: Building a  
green and just transition with Latin America  
and the Caribbean

Dual-purpose project

Euroclima, as part of the Global Gateway strategy, builds 
partnerships between the European Union and the Latin  
America and Caribbean regions to drive a green and just 
transition.  

Through bilateral dialogues and regional collaboration, the 
programme engages with 33 partner countries and key  
regional organisations to identify priorities and translate them 
into concrete actions, fostering long-term environmental and  
climate resilience.  

By creating the right conditions and supporting key initiatives in priority sectors, Euroclima helps 
establish a solid foundation for a sustainable transition. The programme also facilitates the 
mobilisation of climate and green financing, addressing urgent environmental challenges. 

Team Europe Initiative on sustainable practices and economic opportunities for 
sargassum value chain development in the Caribbean Basin

Adaptation

Climate change is a primary driver of the massive increase in sargassum blooms, which can lead to 
erosion, loss of habitats, damage to tourism, fisheries and coastal economies. This flagship initiative 
aims  to  drive  commercially  viable  sargassum  transformation  in  the  Caribbean,  creating  jobs  and 
fostering economic growth while easing pressure on public services. It consolidates efforts into a single, 
coordinated approach toward building a sustainable sargassum value chain. The project focuses on:  

• Advancing research to enable evidence-based action (including forecasting, pretreatment, storage, 

waste management, and transformation). 

• Strengthening local capacities, policy frameworks, and regulations to support sargassum containment, 

collection, and processing. 

• Developing  proof  of  concept  and  de-risking  investment  in  commercial-scale  transformation;  and 

fostering regional, multi-stakeholder dialogue to ensure alignment and scalability. 

13%13%
of total Team Europe 
of total Team Europe 
climate finance 
climate finance 
contribution in 2024
contribution in 2024

Europe
Western Balkans Climate Programme  

Mitigation

The Western Balkans Climate Programme finances climate-
related sub-loans supporting the transition from high to low-
carbon economies. The programme includes an EU grant of 
EUR 17 million which will enable the International Financial 
Corporation (IFC) to:  

• Promote green financing to Micro, Small and Medium 

Enterprises (MSMEs) in the Western Balkans. 

• Support the development of capital markets by issuing green 

bonds.  

• Increase access to climate finance, including for energy efficiency,  
and clean energy production for sub-borrowers in the region  

• Enable businesses to reduce their environmental impact.  

Programme for Energy Efficiency in Buildings in the Mediterranean (PEEB MED)

Dual-purpose project

The PEEB MED programme is financed through an EU contribution of over EUR 30 million.  
Over a 10 year implementation period (2022 – 2032), the programme supports: 

• The identification, design, construction, and operation of large public and private renovation and 
construction projects in the region, in line with the countries’ Nationally Determined Contributions 
(NDCs).  

• Contribute to both climate mitigation and adaptation through the renovation of buildings. 

The Ukraine Renewable Energy Risk Mitigation Mechanism 

Mitigation

The Ukraine Investment Framework supports the European Bank for Reconstruction and 
Development initiative to unlock decentralised green energy in Ukraine. The initiative provides 
with EUR 30 million of financial instruments and EUR 150 million budgetary guarantees, with EUR 
12 million also provided by the Netherlands. The mechanism will allow predictable cashflows to 
renewable energy producers and bring reassurance to the banking sector, supporting 1 – 1.5 GW of 
new energy capacity.

Transparency

As international climate finance flows increase and to build trust and improve how effectively 
funds are spent, the EU and its Member States support initiatives to improve reporting and data 
on financial support to developing countries. 

This also helps track progress towards the developed countries’ joint goal of mobilising 
USD 100 billion per year for developing countries, from 2020 to 2025. 

The Global Gateway is the EU’s positive offer for building trusted and sustainable connections with 
its partners, including in the areas of climate mitigation and adaptation. It brings together the 
European Union, EU Member States and European development finance institutions to boost long-
term drivers for climate action and sustainable growth in partner countries. 

The aim is to reinforce resilience, reduce dependencies and close the global investment gap by 
mobilising up to EUR 300 billion in public and private investments from 2021 to 2027. 

With climate change as one of its key policy areas, Global Gateway focuses on mitigation, 
climate change adaptation and resilience, as well as clean energy. 

Catalogue number ML-01-25-059-EN-N

ISBN 978-92-68-33116-3

DOI 10.2834/7515116