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Green Climate Fund

France and the UK announced increases in the amount of climate finance they will be providing in the coming years. France committed to increase its climate finance by €2 billion a year (around US$2.25 billion) to deliver a total of €5 billion a year by 2020, and the UK announced it will provide £5.8 billion (around US$8.8 billion) from its foreign aid budget for climate finance between 2016 and 2021. The announcements came during the summit launching the Sustainable Development Goals and heads of state meeting at the UN General Assembly.

The Green Climate Fund (GCF), expected to become the main vehicle for securing and distributing finance, moved one step closer to disbursing funds this week. Its resources will support a range of activities that reduce emissions or foster resilience—such as installing renewable energy, helping farmers grow drought-resistant crops and reducing deforestation.

Today, President Obama released his 2016 Budget Request outlining the administration’s spending plans for the coming fiscal year. The request includes $500 million in funding for the Green Climate Fund, and $230 million for the Climate Investment Funds. The budget allocation to the Green Climate Fund is part of the $3 billion pledge the U.S. made in November 2014, while $230 million requested for the Climate Investment Funds would complete a commitment made under the Bush Administration in 2008.

Today, at the international climate conference in Lima, Peru (COP20), the government of Belgium pledged to contribute more than 50 million Euros (around $62 million US) to the Green Climate Fund, edging the fund past its $10 billion goal for 2014. This is an important marker in making the Green Climate Fund operational.

Following is a statement by Athena Ballesteros, Finance Director, World Resources Institute:

WASHINGTON— On November 20, 2014, countries held a pledging conference of the Green Climate Fund in Berlin – where countries announced their financial commitments to the Fund. These funds will be used to support vulnerable countries to respond to the mounting risks of climate change, and to reduce emissions that cause climate change.


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