29 Sep 2014

EU promises billions in sustainable development aid

8:16 pm on 29 September 2014

The European Union will allocate over 3 billion-US dollars in grants to support sustainable energy in developing countries over the next seven years.

The President of the European Commission José Manuel Durão Barroso says support to the most vulnerable parts of the global community is critical.

Mr Barroso says the money will leverage between 19 and 38 billion dollars in loans and equity investment, to plug gaps in energy infrastructure and businesses and to power schools, homes and hospitals in a sustainable manner.

He says climate change is one of the defining threats of our times.

Mr Barroso says the EU looks forward to finalising a new global climate agreement in Paris next year.