The European Union proposed on Friday that rich countries should give developing nations up to €50bn ($74bn) a year by 2020 to help them fight climate change but stopped short of stating how much the 27-nation bloc was willing to contribute.

After a two-day summit, EU leaders said the support by rich countries should begin with an annual €5bn-€7bn from 2010 to 2012 in “fast-start” finance.