STATEMENT: Green Climate Fund Replenishment Pledges a Positive Step, But Far More Finance Needed
PARIS (October 25, 2019) — 27 countries today confirmed $9.7 billion in pledges to the Green Climate Fund’s (GCF) first replenishment. The GCF is the largest international fund dedicated to supporting developing countries to tackle climate change. To date it has approved $5.2 billion in funding for 111 projects in 99 countries.
The following is a statement from Leonardo Martinez-Diaz, Director, Sustainable Finance Center at World Resources Institute:
“The pledges to the Green Climate Fund confirmed today are a positive step forward, exceeding the level achieved at the previous pledging conference in 2014. This includes 11 countries that at least doubled their previous contributions. Ensuring a well-funded GCF is critical to maintain momentum behind the Paris Agreement by enabling developing countries to enhance their climate action.
But let’s be clear: we’re in a climate emergency and far more finance from all sources is needed to address the challenge. Today’s conference marks the beginning, not the end of the replenishment; the GCF remains open for contributions on a rolling basis and we expect to see additional pledges in the coming months and years. Rich countries like Australia and the United States that have not yet pledged can still step up and do so. Developed countries that have yet to double their 2014 pledges should match the ambition of their peers by increasing their contributions up to this level. It is also time for wealthy oil-producing states and other large emitters to start supporting the poorest and most vulnerable countries suffering from the impacts of climate change.”
For more information on today’s GCF pledges, see WRI’s Green Climate Fund Contributions Calculator.
- Communications Manager, Sustainable Finance Center