EU must redouble climate finance efforts, new report finds 18 January 2021 Modest increases in EU climate finance in recent years are insufficient and the bloc must redouble its efforts, according to a new report. Act Alliance EU, a coalition of European faith-based development and humanitarian agencies, issued the call today in a climate finance report which examined such efforts by European countries. Developed countries have pledged to direct $100 billion per annum to developing countries in climate finance, and the EU’s overall contribution amounted to over a quarter of the global figure. However, Act Alliance argue that the EU’s fair share towards this figure should be “between $33 and 36 billion”.