Article / 28 Aug, 2019
Leading Countries Step Up Climate Finance

UN Climate Change News, 28 August 2019 – Britain, Canada and France are the latest countries to announce contributions to the Green Climate Fund (GCF), providing an important indication that leading countries are stepping up climate finance.

Such finance is crucial to help developing countries green their economies and build resilience to the inevitable impacts of climate change.

The contributions, amounting to Euro 1.44 billion, CAD 300 million and Euro 1.548 billion respectively, were announced during the recent G7 summit of industrialized nations hosted by France.

These new pledges follow those made by Germany and Norway, which were the initial countries to announce contributions to GCF at the end of 2018. So far, four countries – France, UK, Germany and Norway - have announced a doubling of their initial contributions in national currency.

"The doubling of contributions to the Fund is vital to support developing countries to raise and realize climate ambitions," said Mr Yannick Glemarec, Executive Director of GCF. This signals the importance of the Fund to drive transformative outcomes for countries and communities in the frontline of climate change."

G7 statement addressing climate, biodiversity and oceans released after the three-day gathering of world leaders indicated a number of countries which attended the G7 are currently finalizing contributions to GCF’s replenishment and called on other countries to contribute to GCF’s "substantive first replenishment" to enhance GCF’s impact.

Canada will host GCF’s second consultation meeting in Ottawa on 29-30 August. This will be followed by a pledging conference in autumn this year. GCF replenishment is also high on the UN Secretary General’s Climate Action Summit agenda on 23 September.
 
GCF’s first formal replenishment was launched during the 21st GCF Board meeting in October 2018. The process includes consultation meetings with potential contributors, developing countries, GCF Board members and interested stakeholders on the strategic directions of the Fund to respond to the urgency of climate action in developing countries.

GCF has now allocated over USD 5.2 billion to 111 climate projects in 99 countries. In. addition to project funding, the Fund has also approved USD 160 million for capacity building activities (known as readiness support) helping 126 developing countries identify and address their most pressing climate finance challenges.