The EU will press for an ambitious agreement at the UN climate change conference in Copenhagen, in an effort to prevent global warming reaching disastrous levels.
At their meeting in November, European leaders agreed to contribute to a fund for helping developing countries combat climate change but did not pledge a precise figure.
However, president Barroso says the EU is ready to pay its 'fair share' of the bill, estimated to reach €100bn a year by 2020. To kick-start action, the commission proposes an EU contribution of €5-7bn a year until 2012.
World leaders are meeting in Copenhagen in December to hammer out a successor to the Kyoto protocol, adopted by developed countries in 1997. It commits countries to a 5% reduction in emissions compared with 1990 levels.
Several rounds of negotiations have taken place in the build-up to the gathering, including in Bonn, Bangkok and Barcelona. With big polluters like China and the US now also promising efforts, the EU rates the chances of a meaningful agreement at Copenhagen as high.
The EU has already committed to emission reductions of at least 20% on 1990 levels by 2020. That would increase to 30% if other countries go along.
Meeting recently with business leaders, Mr Barroso urged them not to wait for a new treaty. “We can do it now because climate change is happening now.”