The G77, a loose coalition of developing countries, has said the 7.2 billion euros raised by the leaders of the European Union to help them tackle climate change is insufficient.

The EU leaders agreed to generate the money over a three-year period – at 2.4 billion euros a year - to fund measures addressing such climate change issues as flooding and drought. They will now bring their deal to the table at the climate conference in Copenhagen, in the hope that a clear signal from Europe will encourage other countries to follow suit and offer their own financial aid.

Aid organizations have noted that the promised amount is not actually new money, but belongs to funds already allocated to developing countries.

Map showing G77 countries from Wikimedia Commons