Ministers at the Economic and Financial Affairs Council meeting held on 21 February reached an agreement to continue to work together with other countries and relevant stakeholders, on potential pathways for long term finance that may contribute to reaching the long term committed goal of mobilizing jointly US$100 billion per year by 2020 by developed countries in the context of meaningful mitigation actions. In addition, they adopted conclusions on the economic aspects of the roadmap to a resource-efficient Europe.

The Economic and Financial Affairs Council reaffirmed in its latest meeting the importance of continuing to provide support by developed countries beyond 2012 as set forth in the Durban decisions. Ministers therefore committed during 2012 to work together with other countries and relevant stakeholders, on potential pathways for long term finance, including analysing the options for the mobilization of resources from a wide variety of sources, including innovative sources that may contribute to reaching the long term committed goal of mobilizing jointly US$100 billion per year by 2020 by developed countries in the context of meaningful mitigation actions and transparency on implementation, and the monitoring and reporting of climate financing. In December 2011, MEPs called in Durban for a binding global agreement on climate change by 2015.

Ministers also stressed the need for a fair burden sharing among developed countries in the provision of public finance while taking into account the need for fiscal consolidation in Member States. On the other hand, they reiterated that the carbon pricing of global aviation and maritime transportation would generate the necessary price signal to efficiently achieve more emission reductions from these sectors and that carbon pricing of global aviation and maritime transportation have as well the potential to generate large financial flows.

At the same meeting, EU Ministers underlined that actions taken must be consistent with the need for economic stability and fiscal consolidation and be economically efficient and cost – effective, and urged Member States and the Commission to prioritise actions with the most positive impact on Europe’s competitiveness, sustainable economic growth and job creation in line with the overall objectives of the Europe 2020 Strategy. They also stressed that environmental taxes, revenues from market-based instruments and removal of environmentally harmful subsidies may contribute to a wider fiscal consolidation process.