European countries have this year provided €2.3 billion out of a total of €7.2 billion to be paid by 2012, as "fast start" financing to help developing countries combat climate change, complementing the significant support that the European Union as the world's largest aid donor already provides to developing countries through its Official Development Assistance (ODA).
In 2008, the EU delivered $5.1 billion for climate mitigation in developing countries through its ODA, or 60% of global ODA provided for this purpose.
Tove Ryding from Greenpeace International, however, decried the practice of loaning climate funds.
"The consequence of climate change has been felt in these countries, who need to be compensated. Otherwise, it is like as if I take my car and bang into you, and then offer you a loan to repairit."