European heads of state and government have agreed to commit at least 20 percent of the entire European Union budget over the next seven years to climate-related spending. All-night negotiations in Brussels produced agreement among EU leaders on budget proposals for the rest of the decade, from 2014-2020. “Climate action objectives will represent at least 20% of EU spending in the period 2014-2020 and therefore be reflected in the appropriate instruments to ensure that they contribute to strengthen energy security, building a low-carbon, resource efficient and climate resilient economy that will enhance Europe’s competitiveness and create more and greener jobs,” the final agreement states. The seven-year budget was agreed at 960 billion euros ($1.28 trillion).

(Dr. Benny Peiser)