Guy Verhofstadt, leader of the ALDE group in the European Parliament was critical of the failure of Europe's finance ministers yesterday to reach agreement, ahead of the all-important Copenhagen summit in December, on financial support to developing countries to meet their share of global emission cuts.

"We cannot go to Copenhagen with nothing to offer," said Verhofstadt. "We all accept the urgency of global warming and the potentially devastating effects on our economies in the years to come, yet when the tough decisions need to be taken, EU solidarity seems to be absent."

"The Swedish Presidency had a proposal on the table and Member States backed away. This now must be brought to the European Council next week in Brussels for EU leaders for a decision. Addressing climate change is not a cost-free exercise. Our resolution to tackle global warming must be matched by hard cash."

MEPs in the environment committee this week estimated that EU countries should contribute approximately €30bn per year to developing countries by 2020 to help them meet their carbon emission reduction targets. The Commission is proposing much less but there is also disagreement from some of the EU's newer Member States on how the financial burden should be shared out between the EU 27.

Fiona Hall (UK, Lib Dem), speaking in Parliament's debate yesterday pointed out that the international carbon market had failed to sustain adequate financing for developing countries to meet their global emission reduction targets.

"Developing countries are being expected to find €30 billion a year in energy efficiency savings.  This is wildly unrealistic.  If wealthy EU member states are finding it difficult to raise enough upfront investment to make energy efficiency savings, how on earth can we expect poor countries to do so?
 
The EU has the opportunity to go to Copenhagen and lead the debate, but it needs to have its own house in order.  The Commission needs to make a new financing proposal as soon as possible."