Economic and Financial Affairs Council, 11/10/2016, 11 October 2016

Main results

Climate change - Financing aspects

The Council adopted conclusions on climate change ahead of the 22nd conference of the parties (COP22) to the UN framework convention on climate change, to be held in Marrakesh from 7 to 18 November 2016.

The conclusions constitute the EU's mandate for the Marrakesh conference, which will discuss implementation of a new global climate deal reached at COP21 in Paris in December 2015.

The conclusions focus on the financing aspects of climate change. On 30 September 2016 the Environment Council also adopted conclusions, covering the more general aspects.

"Climate change is undoubtedly a very serious global challenge and swift action remains a top priority for the EU. Public climate finance will continue to play a pivotal role", said Peter Kažimír, Slovak minister for finance and president of the Council. He added: "We have confirmed that the EU is committed to providing its share of the developed countries' goal to jointly mobilise 100 billion dollars per year by 2020 and through to 2025 for mitigation and adaptation, from a wide variety of sources, instruments and channels."

Tax transparency

The Council adopted conclusions in response to a Commission communication on tax transparency following the April 2016 Panama Papers revelations.

The conclusions highlight the continued need to prevent the large-scale concealment of funds, which hinders efforts to clamp down on tax evasion, money laundering and terrorist financing.

In its July 2016 communication, the Commission recommended a coordinated approach to preventing tax abuse, at both EU and international levels. Whilst progress has been made at EU level, loopholes remain and further action is envisaged.

The Council also approved a taxation agreement with Monaco, giving tax administrations improved cross-border access to information on the financial accounts of each other's residents.