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Add to Preferred SourcesThe shared urgency of addressing climate change took a historic step forward with 27 countries pledging to replenish the Green Climate Fund (GCF) by USD 9.776 billion for the next four years.
The resources will help developing countries reduce greenhouse gas emissions and adapt to the negative effects of global warming, such as rising sea levels, record temperatures, prolonged drought, and more frequent and severe weather events.
The amount pledged exceeds the USD 9.3 billion announced at the Fund’s previous pledging conference in 2014, even though some of those contributors have yet to pledge. Three-quarters of the countries increased their pledges in national currency. Nearly half of them doubled or more than doubled their pledges. This is a seventy percent increase in our programming resources on an annual basis. The United Kingdom, France, Germany, Japan and Sweden are the top contributors. The Fund will continue receiving contributions in the coming four years.
The pledges demonstrate strong and continued confidence in the Fund’s unique ability to promote a paradigm shift towards low-emission, climate-resilient development. In particular, these commitments will enhance the Fund’s ability to support developing countries to design and deliver ambitious climate action plans. By 2020, governments are expected to submit updated plans, known as Nationally Determined Contributions (NDCs), which are key to the Paris Agreement.
“We are honoured by the global community’s confidence in the Fund’s ability to support countries and communities to raise and realise their climate ambitions,” said Yannick Glemarec, Executive Director of the Green Climate Fund. “The coming years are critical as we empower our partners to innovate, accelerate and scale up climate investments that match the pace and urgency of the climate crisis.”
Investments supported by the Green Climate Fund are already transforming lives in 99 developing countries across the planet, including by:
- closing the energy gap for the power deficient in Rwanda and Kenya;
- helping Mongolians transition to renewables and reduce dangerous air pollution;
- building the resilience of water supplies in Barbados; and
- improving the climate resilience of Berber women in Morocco through sustainable farming practices that also boost local livelihoods.
To achieve maximum impact, the Green Climate Fund’s public investment boosts the climate action capacities of developing countries and helps unlock private sector markets of low-emission, climate-resilient innovation. Every USD 1 billion invested in the Fund spurs nearly USD 3 billion in additional financing, including from recipient countries.
The success of the replenishment is expected to bolster global climate cooperation, including at the international meeting of the Conference of Parties in Chile (COP25) on 2-13 December 2019 and at COP26, to be co-hosted by the United Kingdom and Italy in Glasgow on 9-19 November 2020.
Original source: GCF
Published on 25 October 2019