A draft report for European Union finance ministers suggests that poor countries will require around 100 billion euros by 2020 to assist them in reducing emissions in the battle against climate change. The report, obtained by Reuters, outlines the EU's plans to hold competitive tenders for funding from wealthier countries, where poorer nations can present their most cost-effective projects for reducing carbon emissions. These documents highlight the EU's developing vision leading up to global climate talks in Copenhagen in December. Finance ministers will discuss and refine the bloc's position at a meeting next Tuesday. The main focus in Copenhagen will be securing the necessary funding to encourage developing nations to decrease emissions, as well as additional funding to help them adapt to a problem they believe has been caused by wealthy, industrialized nations. Between 50% and 66% of the most cost-effective solutions for reducing greenhouse gas emissions by 2020 or 2030 are located in developing countries, according to a document on funding requirements by the EU's Economic Policy Committee and the Economic and Financial Committee. Environmentalists view this as evidence that Europe's economic experts acknowledge the importance of providing support to poorer nations in the battle against climate change. Greenpeace campaigner Joris den Blanken expressed hope that finance ministers would heed this recognition of developing countries' needs. Emissions reductions in these nations would be beneficial as they would lead to savings in fossil fuel consumption, but an additional 100 billion euros per year in investments is still needed by 2020. This would include 71 billion euros for industry and energy sector improvements, 18 billion euros for rainforest preservation, and 5 billion euros for agricultural emissions reduction. The numbers may seem large, but they are put into perspective when compared to the significant subsidies for fossil fuels and agricultural subsidies in various countries, as stated in the report. In addition to reducing their own emissions, developing nations will also require assistance with the costs of adjusting to climate change, such as developing resilient crops and preparing for rising sea levels. The exact cost of adaptation in developing countries is challenging to determine due to uncertainties about the impact of global warming, but the report roughly estimates these costs could reach 23-54 billion euros annually by 2030.