EU to offer €7 billion at Copenhagen talks

The EU yesterday gave another signal that it is ready to act as a global climate change leader when the Brussels summit agreed to offer the Copenhagen talks a €7 billion "fast-start" fund for the years 2010 to 2012.

Following tough negotiations which lasted through Thursday night, the 27 member states agreed to share the burden, each according to their resources, so that the EU can push for a global climate deal next week.

The leaders called on other developed countries, particularly the US and China, to announce their contributions to compensate for the impact a deal will have on developing countries. The EU will contribute about €2.4 billion a year of the €7 billion needed annually until 2012.

Malta will pay a total of €800,000 over the three-year period, or less than €2 per capita.

On Thursday, it had already agreed to fork out €600,000 but following late adjustments to the EU's global sum, Malta's contribution increased slightly and is commensurate with what other small EU countries will pay.

"Although this fast-start contribution is voluntary, Malta decided to play its part. We want to show the world we mean business on climate change," Prime Minister Lawrence Gonzi said.

Malta is already committed to cut its greenhouse gas emissions by 20 per cent by 2020 and will also support an increase to 30 per cent if the other developed countries make the same commitments, he added.

Even though this would mean Malta having to boost its efforts, including the addition of renewable energy projects to the list already in the pipeline, "Malta is ready to go all the way".