Green Climate Fund pledges increase political momentum for global climate agreement
The funds will be used for projects in developing countries – like scaling up renewable energy – to reduce emissions and help strengthen their defences against climate impacts.
Samantha Smith, leader of the WWF’s Global Climate and Energy Initiative says while today’s announcement is good news, it can only be considered as “seed funding”.
“These contributions are at the low end of the range of expectations, but they are a significant beginning and will enable the fund to begin financing activities at scale next year,” says Smith.
The initial resource mobilisation period is four years. Additional pledges from more countries are expected, particularly at the upcoming UN climate summit in Lima, Peru. Another pledging conference is scheduled to be held by 2018.
“While developed countries have the primary responsibility to contribute to the fund, it is very encouraging that developing countries like Mongolia, Mexico, Panama and the fund’s host country South Korea, have also made contributions,” says Smith.
By 2020, the fund should comprise a substantial part of the overall $100 billion committed by developed countries at the UN climate summit in Copenhagen in 2009.
“Confidence that financing will be available to a predictable channel like the Green Climate Fund is essential to enable developing countries to commit to ambitious actions to reduce their emissions, as well as adapt to the climatic impacts that are now inevitable,” says Smith.
The Green Climate Fund was established in 2010 at the UN climate summit in Cancun, Mexico. The fund is the main financial mechanism under the UN Framework Convention on Climate change to help developing countries address climate change challenges.