EU summit seeks climate funds to boost talks in Copenhagen

BRUSSELS, Dec. 10 (Xinhua) -- European Union leaders gathered on Thursday in Brussels for a two-day summit to raise multi-billion euros to help developing countries tackle climate change and push forward the ongoing climate talks in Copenhagen.

The summit, which is the first one after the bloc's reforming Lisbon Treaty came into effect on Dec. 1, is also expected to discuss the economic, financial and employment situation in the EU, in particular exit strategies and supervision of financial markets.

The EU leaders are highly expected to put forward a "fast-start" funding of multi-billion euros to help the world's poorest countries to tackle climate change.

The European Commission has estimated that some 5 to 7 billion euros (about 7 to 10 billion U.S. dollars) a year is likely needed in 2010-2012. However, the exact amount of funding from the EU should be decided by the leaders of the member states at Thursday's meeting.

During their last meeting on Oct. 29, the EU leaders insisted that their countries should "contribute their fair share" provided that other key players also make comparable efforts.

The bloc, which pledged to cut greenhouse gas emissions by 20 percent by 2020 compared with 1990 levels, has showed readiness to increase the target to 30 percent if similar pledges are made by other developed countries. However, the move is opposed by heavily coal-reliant members and overshadowed by the financial crisis.

Moreover, the summit is expected to adopt a multi-annual program in the field of freedom, security and justice, also known as the Stockholm program.

The summit is chaired by the EU rotating president, Swedish Prime Minister Fredrik Reinfeldt. The next summit in 2010 will be chaired by EU permanent President-elect Herman Van Rompuy.