EU leaders hold summit on financial help to combat climate change

European Union leaders gathered on Thursday in Brussels for a two-day summit to raise billions of euros to help developing countries tackle climate change.

The European Commission has estimated that some 5 to 7 billion euros a year is needed over the next three years to help the world's poorest countries tackle climate change.

EU leaders were trying to come up with an exact amount of funding at Thursday's meeting. The bloc has pledged to cut greenhouse gas emissions by 20 percent by 2020 from the 1990 levels.

It has recently showed a readiness to increase the target to 30 percent, if similar pledges are made by developed countries outside of the bloc.

Italy's Prime Minister Silvio Berlusconi (L) greets EU High Representative for Foreign Affairs Catherine Ashton (R) during a two-day European Union leaders summit in Brussels December 10, 2009.REUTERS/Thierry Roge