A draft report for European Union finance ministers suggests that poor countries will require around 100 billion euros ($142 billion) annually by 2020 to assist them in reducing emissions to combat climate change. The report, obtained by Reuters, outlines the EU's plans to have competitive tenders for funding from wealthier nations, where developing countries will present their most cost-effective projects for reducing carbon emissions. These documents highlight the EU's developing strategy leading up to the global climate talks in Copenhagen in December. Finance ministers will further refine the bloc's stance at a meeting scheduled for next Tuesday. The main focus in Copenhagen will be securing the necessary finances to encourage developing nations to lower emissions and provide additional support to help them adapt to a problem they attribute to wealthy, industrialized nations. Between half and two-thirds of the most cost-effective ways to reduce greenhouse gas emissions by 2020 or 2030 are located in developing countries, according to a report by the EU's Economic Policy Committee and the Economic and Financial Committee on funding needs. Environmentalists view this report as evidence that Europe's economic experts acknowledge the importance of assisting poorer nations in combating climate change. Greenpeace campaigner Joris den Blanken questions whether finance ministers will heed the advice of their own experts or dismiss the urgent needs of developing countries. Poor nations could partly cover the costs of reducing emissions through cuts in deforestation, as transitioning to cleaner energy sources would reduce their reliance on expensive fossil fuels. However, an additional 100 billion euros per year in investments will still be necessary by 2020, with the majority going towards cleaning up industry and energy sectors, halting deforestation, and reducing emissions from agriculture. The numbers may seem overwhelming at first glance, but when compared to the substantial subsidies for fossil fuels and agriculture in the developing and OECD countries, the figures appear more manageable. In addition to reducing their own emissions, poorer nations will require assistance in adapting to climate change, such as developing resilient crops, constructing levees, and finding alternative water sources. The report acknowledges the challenges in estimating the exact cost of adaptation due to uncertainties surrounding global warming's impact, but it suggests that developing countries may need 23-54 billion euros annually by 2030 for adaptation measures.