27 countries pledged to replenish the Green Climate Fund (GCF) with $9.78 billion over the next four years. These resources will help developing countries reduce their greenhouse gas emissions and adapt to the negative effects of global warming, such as sea-level rise, record temperatures, prolonged drought, more frequent and severe weather events.
The announced amount exceeds $9.3 billion which was announced at the previous GCF Conference in 2014. Three quarters of the countries increased their commitments in their national currency, almost half of which doubled or more than doubled their commitments. This represents 70% increase in GCF programme resources on an annual basis. The main actors are the United Kingdom, France, Germany, Japan and Sweden.
In particular, these commitments will enhance the Fund’s ability to support developing countries in developing and implementing ambitious climate action plans. Governments are expected to submit updated plans by 2020, known as nationally determined contributions (NDC), which are key to the Paris Agreement.
Bruno Le Maire, Minister of Economy and Finance of France:
“As the world leader in the fight against climate change, France is proud to host the first replenishment conference for the Green Climate Fund. The Fund with sufficient resources is a mandatory requirement for transforming the goals of the Paris Agreement of 2015 into concrete actions and helping developing countries to make their economies greener and more sustainable.”
“I call on all participants to provide significant resources during this conference, said United Nations Secretary-General António Guterres in a video message to participants. – Developing countries, especially those on the front line of climate change, need your input. 100 countries are already receiving assistance. The ambitious replenishment will enable the Fund to continue to promote adaptation, sustainability and carbon-neutral development in developing countries.”
“We are proud that the world community is confident in the Fund’s ability to support countries and communities in raising and implementing their climate ambitions”, said Yannik Glemarek, Executive Director of the Green Climate Fund. “The years ahead are critical as we enable our partners to innovate, accelerate and scale up climate investments in line with the pace and urgency of the climate crisis.”