A draft report for European Union finance ministers suggests that by 2020, poor countries will require around 100 billion euros ($142 billion) annually to assist them in reducing emissions as part of the fight against climate change. The report, obtained by Reuters, outlines plans for competitive tenders to be held by the EU to secure funding from wealthier nations, with developing countries presenting their most cost-effective projects for emissions reduction. These documents highlight the EU's developing strategy leading up to the global climate talks in Copenhagen in December. Finance ministers will discuss and refine the bloc's position at a meeting scheduled for next Tuesday. The primary concern at the Copenhagen talks will be securing the necessary funding to encourage developing nations to reduce emissions, as well as additional support to help them adapt to the impacts of climate change that they argue have been exacerbated by wealthy, industrialized nations. Between 50% and 66% of the most cost-effective options for reducing greenhouse gas emissions by 2020 or 2030 are located in developing countries, according to a document on funding requirements from the EU's Economic Policy Committee and the Economic and Financial Committee. Environmentalists view this document as evidence that Europe's economic experts acknowledge the importance of supporting developing nations in the fight against climate change. Greenpeace campaigner Joris den Blanken questions whether finance ministers will overlook the advice of their experts or endorse the recognition of the needs in developing countries. Poor countries could partly offset the costs of reducing emissions through deforestation by cleaning up power generation and industry, which would lead to reduced reliance on expensive fossil fuels. However, an additional 100 billion euros per year in investments will still be necessary by 2020, including 71 billion euros for industry and energy sector improvements, 18 billion euros for forest conservation, and 5 billion euros for agriculture emissions reductions. The numbers may seem large, but they are more manageable when compared to the significant subsidies for fossil fuels in developing countries and agricultural subsidies among OECD states, according to the report. In addition to reducing their own emissions, developing nations will also need assistance in adapting to climate change, such as developing drought-resistant crops and building levees against rising sea levels. The exact cost of adaptation in these countries is difficult to determine due to uncertainties about the specific impacts of global warming, but the report estimated it could be 23-54 billion euros per year by 2030.