A draft report for European Union finance ministers suggests that poor countries will require approximately 100 billion euros ($142 billion) annually by 2020 to assist them in reducing emissions as part of the effort to combat climate change. This report, obtained by Reuters, follows the EU's announcement of plans to hold competitive tenders for funding from wealthier countries, allowing poorer nations to showcase their most cost-effective projects for reducing carbon emissions. These developments reflect the EU's preparations for the upcoming global climate negotiations in Copenhagen in December. Finance ministers are set to discuss and refine the bloc's position at a meeting next Tuesday. At the heart of the Copenhagen talks will be the challenge of 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 attribute to wealthy, industrialized nations. Between half and two-thirds of the most cost-effective options for reducing greenhouse gas emissions by 2020 or 2030 can be found in developing countries, according to the EU's Economic Policy Committee and the Economic and Financial Committee in a report on funding needs. Environmentalists view this as a recognition by Europe's economic experts of the necessity to support developing nations in the battle against climate change. Greenpeace campaigner Joris den Blanken questions whether finance ministers will heed their own experts or endorse the acknowledgment of the needs of developing countries. Despite the fact that emissions reductions by poorer nations could partially pay for themselves through decreased reliance on costly fossil fuels, an additional 100 billion euros per year in investments will still be required by 2020. This funding would cover 71 billion euros for cleaning up industry and energy sectors, 18 billion to combat deforestation, and 5 billion to reduce emissions from agriculture. The report mentioned that while the numbers may seem large, they are actually less overwhelming when compared to the substantial subsidies for fossil fuels and agricultural subsidies in various countries. In addition to reducing their own emissions, poorer nations will also require assistance in adapting to the effects of climate change, such as developing drought-resistant crops and building infrastructure to combat rising sea levels. The exact cost of adaptation in developing countries is challenging to determine due to uncertainties about the extent and impact of global warming. However, the report provided a rough estimate that adaptation costs in all developing nations could amount to 23-54 billion euros annually by 2030.